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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