Rubius Therapeutics Outlines Dissolution Plan, After Unsuccessful Attempt On Alternatives

In November 2022, Rubius Therapeutics Inc 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.