A one-time biotech uni­corn gets slaugh­tered as lead pro­gram is scrapped, high­light­ing lin­ger­ing trou­ble

Back in the balmy mar­ket days of the sum­mer of 2018, Ru­bius Ther­a­peu­tics had every­thing go­ing for it. There was a new plat­form tech in­volv­ing en­gi­neered red blood cells nour­ished by am­ple funds from Flag­ship. The mar­ket was rolling along, em­brac­ing new biotechs. And in­vestors read­i­ly bought in­to the $1.8 bil­lion mar­ket val­u­a­tion reg­is­tered at the IPO.

Fast for­ward to ear­ly 2020, just 19 months lat­er, and it’s a whole dif­fer­ent sto­ry.

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