Pablo Cagnoni, Rubius Therapeutics CEO

Ru­bius re­sorts to lay­offs and aban­dons its lead pro­grams as its sur­vival strat­e­gy

Four years ago, Cam­bridge-based Ru­bius Ther­a­peu­tics was hav­ing the time of its life. The com­pa­ny, which makes en­gi­neered red cells, was rak­ing in am­ple cash and had en­joyed a $1.8 bil­lion mar­ket val­u­a­tion reg­is­tered at the IPO.

To­day it is a whole dif­fer­ent sto­ry.

Ru­bius has de­cid­ed to scrap two of its lead­ing on­go­ing tri­als, let go of 75% of its work­force and ex­plore the sale of its man­u­fac­tur­ing fa­cil­i­ty in Rhode Is­land, the biotech an­nounced Tues­day.

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