Rubius To Discontinue Clinical Trials Of RTX-240, RTX-224 - Quick Facts

(RTTNews) - Rubius Therapeutics, Inc. (RUBY) announced plans to restructure the company. The measures include: implementing a 75% reduction in force, primarily focused on clinical development, manufacturing and general and administrative; discontinuing ongoing phase 1 clinical trials of RTX-240 and RTX-224 for the treatment of advanced solid tumors; and exploring the sale of manufacturing facility in Smithfield, Rhode Island.

"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," said Pablo Cagnoni, CEO of Rubius Therapeutics.

Shares of Rubius Therapeutics are down 22% in pre-market trade on Tuesday.

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