Rubius reports $39.4M loss in Q2, heralds progress

PROVIDENCE – Rubius Therapeutics Inc. reported on Tuesday a loss of $39.4 million in the second quarter of 2019, or 50 cents per diluted share. Rubius posted operating expenses, including research and development expenditures, of $41.3 million.

The Cambridge, Mass.-headquartered company, which specializes in allogenic cellular therapies for several diseases and across multiple therapeutic areas, has yet to have a product hit the market and therefore has no revenue.

The company had reported a $21.2 million loss in the second quarter of 2018, with operating expenses of $20.4 million.

The company plans to utilize a 135,000-square-foot manufacturing facility in Smithfield that it purchased from Alexion Pharmaceuticals Inc. Rubius is eligible for up to $9.3 million in state incentives related to the facility and the jobs at the site.

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“During the second quarter, we continued to advance our promising pipeline of Red Cell Therapeutics for the potential treatment of rare diseases, cancer and autoimmune diseases,” said Dr. Pablo J. Cagnoni, CEO of Rubius Therapeutics, in prepared remarks. “We expect to begin enrolling patients in the near term and remain on track to deliver initial clinical data by year-end. Finally, we continue to make great progress on the buildout of our new manufacturing facility in Smithfield, R.I. to provide GMP manufacturing for clinical supply.”

The company had $141.1 million in cash and cash equivalents at the end of the second quarter, compared with $118.1 million at the end of the second quarter of 2018. Total liabilities at the end of the quarter totaled $94.4 million. Current liabilities at the end of the quarter were $21.2 million.

The company also noted that cash equivalents and investments combined totaled $362.5 million at the end of the second quarter.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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