Rubius Therapeutics falls as co terminates trials of some drugs

Rubius Therapeutics

13/09/2022 12:27

** Shares of Rubius Therapeutics Inc  RUBY.O  fall 12.2% to
$0.94 premarket 
    ** Says co's restructuring and cost-saving measures will
extend its cash runway until end of 2023   urn:newsml:reuters.com:*:nGNX5Y0qNM
    ** Will cut 75% of workforce and discontinue ongoing
early-stage trials of both its experimental drugs RTX-240 and
RTX-224 for treatment of advanced solid tumors
    ** Co to instead focus on advancing its red blood cell
platform
    ** Also exploring sale of manufacturing facility in
Smithfield, Rhode Island
    ** 3 of 6 brokerages rate the stock "buy" or higher, 3
"hold"; their median PT is $3
    ** Up to Monday's close, stock had fallen 89% YTD

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))