Rubius has decided to scrap two of its leading ongoing trials, let go of 75% of its workforce and explore the sale of its manufacturing facility in Rhode Island, the biotech announced Tuesday.. Rubius Therapeutics kicks off $155M renovation of former , Rubius touts new data for lead program, but shares routed as , Working at Rubius Therapeutics | Glassdoor, Stay alive': Wave of layoffs crashes into biotech startup , Rubius to pay $8m for ex-Soliris plant with troubled past, Tweets with replies by Max Gelman (@MaxGelman) / Twitter, With data looming, Rubius Therapeutics seeks to shed its , Rubius Therapeutics Reports Third Quarter 2021 Financial, Rubius Drops Rare Diseases, Turns to Cancer and Xconomy, Can You Be Laid Off While On Medical Leave, Can A Company Find Out If You Were Laid Off, Can You Say You Were Laid Off Instead Of Fired, Can You Go On Disability After Being Laid Off, Can You Be Laid Off While On Short-Term Disability. These measures include: The Company will maintain its robust technical development and preclinical oncology and autoimmunity research capabilities to advance the new platform and related preclinical programs. Rubius decision ends a drawn-out decline. It is the latest in a series of setbacks Rubius has suffered since raising $241 million in an initial public offering in 2018. real person. See insights on Rubius Therapeutics including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Rubius Therapeutics is a biopharmaceutical company pioneering a new era of cellular medicines. The Flagship Pioneering spinout (Nasdaq: RUBY) said late Wednesday that it was laying off 82% of its workforce and would begin. Topics covered: Gene replacement therapy, gene editing, engineered cell therapy, manufacturing, pricing, reimbursement and much more. Subscribe to BioPharma Dive for top news, trends & analysis, The free newsletter covering the top industry headlines, Evinatures Co-Founder Nir Salomon Hits the Road for 2023s Lecture Tour in USAs Leading Medi, Ymmunobio Appoints New Chief Operating Officer, Excelra Acquires BISC Global, Creating an International Bioinformatics Powerhouse with an Indu, Ymmunobio to Present at the Annual Meeting of the Association for Cancer Immunotherapy (CIMT), By signing up to receive our newsletter, you agree to our. Can I Be Laid Off While On Workers Compensation? Any forward-looking statements contained in this press release represent our views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. RUBIUS and RED PLATFORM are registered trademarks of Rubius Therapeutics, Inc. RUBIUS THERAPEUTICS, RED CELL THERAPEUTICS and RCT are trademarks of Rubius Therapeutics, Inc. All other trademarks referenced herein are the properties of their respective owners. And that will cause some problems for the CF champ, M&A vibes amid earnings season; CAR-T beyond cancer; Lilly doubles down on obesity; Two consequential FDA approvals; and more, Seeker Biologics, a 5AM Ventures biotech led by ex-Translate Bio president, shuts down, Research startup Care Access lays off half of staff following Pfizer Lyme trial woes, Eli Lilly showcases PhIII weight loss data for type 2 diabetes patients taking tirzepatide, AstraZeneca cuts Alexion's PhIII Wilson disease drug, takes $244M writedown, Early results from Alzheimers study set stage for Alnylams expansion into brain diseases. . Rubius is one of at least five biotechs that have announced plans to shut down in the past four months. On Wednesday, the Cambridge, MA-based biotech and its partner Regeneron announced preliminary data from their Phase I study of their experimental drug dubbed ALN-APP. Rubius Therapeutics | Red Cell TherapeuticsTM | Home Rubius Therapeutics is realizing the power of red by creating red blood cells and transforming them , With data on a cancer drug derived from red blood cells looming, Rubius Therapeutics seeks to shed its bumbling image. The restructuring will extend the companys cash runway through the end of 2023. With more than 80 patients dosed across three clinical trials to date, Rubius Therapeutics has demonstrated that engineered red blood cells can be manufactured at scale, safely administered and activate a patients immune system, resulting in clinical benefit in certain cancer patients, including evidence of tumor shrinkage and prolonged stable disease in PD-(L)-1 refractory solid tumors, said Pablo J. Cagnoni, M.D., president and chief executive officer of Rubius Therapeutics. The words may, will, could, would, should, expect, plan, anticipate, intend, believe, estimate, predict, project, potential, continue, target and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de Contact In parallel, the Company has advanced a next generation Red Cell Therapeutic, RTX-250, an antigen-specific therapy that is designed to activate dendritic cells. Founded in 2013, Rubius Therapeutics is headquartered in Cambridge, Massachusetts. Strategic alternatives that will be evaluated include the sale of all or part of the Company or a merger. Four years after going public with a valuation of about $2 billion, Rubius Therapeutics has laid off almost all its employees and is considering a sale. Discover career opportunities and a unique culture that can change your lifewhile helping improve the lives of others. An audio webcast will be available on the Events and Presentations page within the Investors and Media section of the Rubius Therapeutics website and can be directly accessed here. Rubius is employing cell conjugation to generate therapeutic red blood cells with two distinct modalities potent cell-cell interaction and tolerance induction. enva un correo electrnico a The company plans to report preclinical results and provide a development timeline by the end of the year, he added. Four years ago, Cambridge-based Rubius Therapeutics was having the time of its life. AstraZeneca is calling it quits with a Phase III rare disease program it obtained via the $39 billion acquisition of Alexion. Many top-selling products will lose patent protection by the end of the decade, putting pressure on companies to replace lost revenue with new medicines. scusiamo se questo pu causarti degli inconvenienti. The Company was named among the 2021 Top Places to Work in Massachusetts by the Boston Globe, and its manufacturing site was recently named2022Best Places to Work in Rhode Islandby Providence Business News. Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more. The company was founded on April 26, 2013 and is headquartered in Foxboro, MA. Tougher funding conditions have forced biotechs to retrench over the past year by laying off staff or reducing research. All Rights Reserved. Rubius Therapeutics, Inc. 2023 All Rights Reserved. The company is developing RTX-240 and RTX-224 for the treatment of solid tumors cancer; and RTX-aAPC to treat cancers. Read More RUBY Stock News Headlines April 20, 2023 | americanbankingnews.com Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. As a result of this process, Rubius is reducing its workforce by 82% and will retain certain employees to execute the process. Phase 1 Clinical Trial of RTX-240 + Pembrolizumab in Advanced Solid Tumors. Onze RTX-240 continued to be well tolerated with no treatment-related Grade 3/4 adverse events (AEs) and no dose-limiting toxicities. Fourteen patients were dosed in the all comers dose-escalation portion of the Phase 1 clinical trial evaluating RTX-240 in combination with pembrolizumab in advanced solid tumors. Learn about the science behind Red Cell Therapeutics, Explore our pipeline of promising drug candidates, Examine the values that run deep in our blood. ein Mensch und keine Maschine sind. Dannielle Appelhans to Become President and Chief Executive Officer, Pablo J. Cagnoni, M.D., Appointed Chair of the Board of Directors. Save my name, email, and website in this browser for the next time I comment. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Aydanos a proteger Glassdoor y demustranos que eres una persona real. Rubius went public in 2018 with a $277 million IPO. The biotech is also exploring selling a manufacturing facility in Rhode Island that it bought in 2018 with plans to invest nearly $100 million. Boston was founded in 2016 to provide a platform for companies and their employees to make a difference. Please note the magic link is This press release contains certain statements that constitute forward-looking statements within the meaning of applicable laws and regulations and constitute forward-looking information within the meaning of applicable securities laws, including, without limitation, statements regarding our plans to initiated a process to explore a range of strategic alternatives and our plans to reduce our operations and execute certain leadership changes. Both Appelhans and Chief Scientific Officer Laurence Turka will be entitled to payments that may total $400,000 to pursue strategic alternatives for the company, as well as bonuses for meeting certain goals. Read More. Even if its a quite capable market brawler like AbbVie. / COURTESY RUBIUS THERAPEUTICS SMITHFIELD - Rubius Therapeutics plans to lay off 75% of its workforce, including about 70 of its 101 employees in Rhode Island, and is "exploring the sale of its manufacturing facility" in the town, the biotech company announced on Tuesday morning. The past four years have been a roller coaster for investors in Rubius, which burst onto the biotech scene with the intriguing goal of turning engineered red blood cells into medicines. Unlock this article along with other benefits by subscribing to one of our paid plans. Instead, we plan to focus on advancing a next generation red blood cell platform that utilizes cell conjugation to potentially improve upon the existing benefits of the RED PLATFORM, with the potential for greater efficacy and enhanced versatility, while maintaining our favorable tolerability profile. Want this in your inbox every Saturday morning? I would like to express my sincere gratitude to the patients who participated in our clinical trials, the investigators who partnered with us in this endeavor and our employees for their immense dedication and contributions that have brought us to where we are today., Next Generation Red Blood Cell-Based Conjugation Platform Overview. In contrast, patients taking placebo saw an average 3.3% (3.2 kg) weight reduction. Who is Monica Bertagnolli, Bidens pick to lead NIH? If you're already an Endpoints subscriber, enter your email below for a What a week it honestly felt more like a month. Adam Feuerstein. Contract research startup Care Access has let go about half of its employees in a major restructuring, two months after the company was removed from a huge Pfizer study of a Lyme disease vaccine. Lamentamos pelo inconveniente. This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding beliefs about and expectation for the restructuring plan described in this release, including associated costs, cost savings and timing, as well as our beliefs about the next generation red blood cell platform, including that it will potentially improve upon the existing benefits of the RED PLATFORM, and its potential for greater efficacy and enhanced versatility. Seven patients have been dosed across two dose cohorts in the Phase 1 clinical trial evaluating RTX-224 in select advanced solid tumors, including non-small cell lung cancer, cutaneous melanoma, head and neck squamous cell carcinoma, urothelial (bladder) carcinoma and triple-negative breast cancer. Rubius Therapeutics, a biotechnology company aiming to turn engineered blood cells into medicines, will lay off 75% of its staff and stop development of its two most advanced drug prospects. The company, which makes engineered red cells, was raking in ample cash and had enjoyed a $1.8 billion market valuation registered at the IPO. The remaining executives at the company are tasked with exploring a range of strategic alternatives to maximize shareholder value, Rubius said. Read more >. Rubius shares had already lost most of their value since the company went public. Sign up here. I can almost guarantee that you will read something in this issue that you overlooked the past few days. verdade. Executives took advantage of the bump to offer another round of shares at $29 a piece. For more information, visit www.rubiustx.com, follow us on Twitter or LinkedIn or like us on Facebook. Implementing a 75% reduction in force, primarily focused on clinical development, manufacturing and general and administrative; Discontinuing its ongoing Phase 1 clinical trials of RTX-240 and RTX-224 for the treatment of advanced solid tumors; and, Exploring the sale of its manufacturing facility in, Patients still on trial will continue to be dosed until disease progression or discontinuation (n=6). Shares fell another 15%, to below $1 apiece, in early trading Tuesday. Let BioPharma Dive's free newsletter keep you informed, straight from your inbox. Using behavioral data science and social algorithms, this boutique biotech agency creates disease-specific, human-focused content thats delivering unprecedented patient recruitment results. Topics covered: startup launches, funding, IPOs and much more. magic link that lets you log in quickly without using a password. If the plan is approved, Rubius will pay down liabilities and return to shareholders remaining cash, which had totaled more than $100 million at the end of September but was substantially reduced by the companys prepayment of $76 million worth of loan obligations in October. We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. We caution that trading in our securities is highly speculative and poses substantial risks. See what employees say it's like to work at Rubius Therapeutics . RubiusTherapeuticsis realizing the power of red by creating red blood cells and transforming them into cellular medicines. The layoffs announced are expected to primarily hit clinical development and manufacturing teams and some administrative members. CAMBRIDGE, Mass., Nov. 02, 2022 (GLOBE NEWSWIRE) -- Rubius Therapeutics, Inc. (Nasdaq: RUBY), a biopharmaceutical company that is developing an entirely new class of cellular medicines called Red Cell Therapeutics for the treatment of cancer and autoimmune diseases, today announced that it has initiated a process to explore a range of strategic The Company was named among the 2021 Top Places to Work in Massachusetts by the Boston Globe , and its manufacturing site was recently named 2022 . Rubius Therapeutics employees rate the overall compensation and benefits package 4.2/5 stars. The current chief operating officer, Dannielle Appelhans, will become CEO and president and take on interim roles overseeing finance and accounting, according to a, The steps come less than two months after Rubius. They are a biopharmaceutical company that creates red blood cells and transforms them into cellular medicines. Summary financials. deliver a higher effective dose by enabling a longer circulation time and/or administering a higher cell dose; be more versatile, enabling the conjugation of different payloads, immunomodulatory agents, small molecules and proteins on the cell for enhanced potency; and, reduce the cost of goods manufacturing by utilizing blood-banked RBCs versus biologically engineering and differentiating early progenitor cells into reticulocytes that express proteins. las molestias. The Cambridge, Massachusetts-based biotech, which was worth nearly $2 billion when it went public in 2018, announced the moves on Tuesday in a bid to cut costs. . envie um e-mail para This ongoing patient was dose-escalated from the 3e10 x 3 + 1e10 Q3W dose level (n=6) to the 5e10 Q3W dose level after Cycle 12. Rubius Therapeutics kicks off $155M renovation of former , Working at Rubius Therapeutics | Glassdoor, Rubius touts new data for lead program, but shares routed as , Flagship woos another Big Pharma BD exec to biotech. Als u dit bericht blijft zien, stuur dan een e-mail Employees were informed yesterday at a town hall. The biotechwill reduce its headcount by 75% and end development of itstwo lead drugs. In its most recent clinical trial, CE reached a 32% underrepresented population participation rate. Rubius Therapeutics Inc (NASDAQ: RUBY) initiated a process to explore a range of strategic alternatives and plans to engage an investment bank to act as a strategic advisor for this process. Disculpa Rubius had 213 employees as of July, down from 269 at the end of January, meaning about 160 people were set to lose their jobs in September. The Company was named among the 2021 Top Places to Work in Massachusetts by the Boston Globe, and its manufacturing site was recently named2022Best Places to Work in Rhode Islandby Providence Business News. Any forward-looking statements in this release are based on managements current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this release, including, without limitation, risks related to the substantial doubt about our ability to continue as a going concern given that we currently do not have adequate financial resources to fund our forecasted operating costs for at least 12 months; our ability to execute on and realize the expected benefits of the restructuring plan described in this release; the amount of debt we have outstanding and the lenders rights under our loan facility, including the lenders ability to accelerate amounts outstanding under the loan facility, or exert control over our cash accounts in connection with certain events of default, including a material adverse change in our business; our ability to pursue and secure financing to fund our operations; our ability to maintain our listing on the Nasdaq Stock Market, particularly in light of our recently disclosed deficiencies; those risks and uncertainties related to the development of the our Red Cell Therapeutic product candidates and their therapeutic potential; risks related to our ability to execute on our plans and expectations and our analyses of clinical and preclinical data; and other risks identified in our filings with the U.S. Securities and Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the quarter-ended June 30, 2022 and subsequent filings with the SEC. los inconvenientes que esto te pueda causar. CAMBRIDGE, Mass., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Rubius Therapeutics, Inc. (Nasdaq: RUBY), a biopharmaceutical company that is developing an entirely new class of cellular medicines called Red Cell Therapeutics for the treatment of cancer and autoimmune diseases, today announced plans to restructure the Company and align resources to advance its next generation red blood cell-based cell conjugation platform. Mar 9, 2021 With data on a cancer drug derived from red blood cells looming, Rubius Therapeutics seeks to shed its bumbling image. In . More recently, some companies have opted to close entirely. Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. Rubius Therapeutics, a biotechnology company aiming to turn engineered blood cells into medicines, will lay off 75% of its staff and stop development of its two most advanced drug prospects. Additional information on the leadership and board changes, and the Companys plan for strategic alternatives, can be found in Rubius current report on Form 8-K being filed with the U.S. Securities and Exchange Commission on or about the date hereof. Mar 9, 2021 The company is preparing to disclose the first clinical data from an effort to transform red blood cells into cancer-fighting drugs. Please help us protect Glassdoor by verifying that you're a Two additional patients have been dosed in the non-clear cell RCC (nccRCC) and non-small cell lung cancer (NSCLC) expansion cohorts. CAMBRIDGE, Mass., Nov. 02, 2022 (GLOBE NEWSWIRE) -- Rubius Therapeutics, Inc. (Nasdaq: RUBY), a biopharmaceutical company that is developing an entirely new class of cellular medicines called Red Cell Therapeutics for the treatment of cancer and autoimmune diseases, today announced that it has initiated a process to explore a range of strategic alternatives to maximize shareholder value and plans to engage an investment bank to act as a strategic advisor for this process. Four years after going public with a valuation of about $2 billion, Rubius Therapeutics has laid off almost all its employees and is considering a sale. A property sale in December gave it another $19 million. This approach is intended to: These attributes are expected to result in greater efficacy, a similar safety profile given the restricted biodistribution of RBCs to the spleen and vasculature and a significant reduction in overall cost structure. Let BioPharma Dive's free newsletter keep you informed, straight from your inbox. The words may, will, could, would, should, expect, plan, anticipate, intend, believe, estimate, predict, project, potential, continue, target and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Please note this link is one-time use only and is valid for only 24 hours. The company next turned its focus to cancer medicines, and early clinical results for its top two prospects were expected later this year. The company decided to halt the studies and change its strategy instead. Subscribe to BioPharma Dive for top news, trends & analysis, The free newsletter covering the top industry headlines, Evinatures Co-Founder Nir Salomon Hits the Road for 2023s Lecture Tour in USAs Leading Medi, Ymmunobio Appoints New Chief Operating Officer, Excelra Acquires BISC Global, Creating an International Bioinformatics Powerhouse with an Indu, Ymmunobio to Present at the Annual Meeting of the Association for Cancer Immunotherapy (CIMT), By signing up to receive our newsletter, you agree to our, Big pharmas looming threat: a patent cliff of tectonic magnitude, FDA approves new ALS medicine in precedent-setting decision, Alnylams early Alzheimers results encourage, but company discloses new hurdle, FDA clears Pfizers pneumococcal vaccine for infants and children, Novartis trims 10% of drug pipeline in research cutback, The latest developments on the gene therapy frontier.
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