Published on 3 Nov 2022 on Benzinga via Yahoo Finance
Rubius Therapeutics Cuts Almost 85% Of Its Workforce, Starts Looking For Strategic Alternatives
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.In September, Rubius announced plans to restructure and align resources extending the company's cash runway until the end of 2023.As a result of this process, Rubius is reducing its workforce by 84% and will retain certain employees to execute the process.The company also appointed Dannielle Appelhans as president and CEO, effective November 15.Ms. Appelhans previously served as a chief operating officer since joining Rubius in 2021. Current president and CEO, Pablo Cagnoni, was appointed Chair of the Rubius board of directors, effective immediately, and will continue as president and chief executive officer until November 15.Rubius has recently generated new non-human primate data with the next-generation cell conjugation RED PLATFORM, demonstrating longer circulation time than observed with the first-generation platform.It also showed increased levels of interferon-gamma, a cytokine critical to innate and adaptive immunity.In parallel, the company has advanced a next-generation Red Cell Therapeutic, RTX-250, an antigen-specific therapy designed to activate dendritic cells.Additional leadership changes include the departures of Pepe Carmona, chief financial officer, and Maiken Keson-Brookes, chief legal officer and corporate secretary.Price Action: RUBY shares are 3.35% lower at $0.34 during the premarket session on the last check Thursday.
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