Published on 22 Feb 2023 on Benzinga via Yahoo Finance
Rubius Therapeutics Outlines Dissolution Plan, After Unsuccessful Attempt On Alternatives
In November 2022, Rubius Therapeutics Inc (NASDAQ: RUBY) initiated a process to explore a range of strategic alternatives and planned to engage an investment bank to act as a strategic advisor.But the battered company failed to find any alternatives, and the company's board approved a plan of liquidation and dissolution.The biotech said its board approved the plan with a special meeting of Rubius' stockholders being lined up to seek a green light, per an SEC filing.The biotech terminated its clinical trials and let go more than 80% of the staff so the remaining employees could execute an alternative path.In September, Rubius Therapeutics announced plans to restructure and align resources to advance its next-generation red blood cell-based cell conjugation platform.It discontinued Phase 1 trials of RTX-240 and RTX-224 for advanced solid tumors and laid off 75% of its employees.Rubius went public in July 2018 with a market cap of around $2 billion.Price Action: RUBY shares are down 13.949% at $0.1420 on the last check Wednesday.
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