PROVIDENCE – Rubius Therapeutics Inc. reported a year-end loss of $163.5 million in 2019, an increase from $89.2 million in 2018.
Loss per diluted share was $2.08 for the year, compared with $2.27 one year prior.
The clinical-stage biopharmaceutical company did not have revenue for either year. The company has a 135,000-square-foot manufacturing facility in Smithfield. The company said that it spent $40.7 million to fund capital expenditures in 2019, including work related to the buildout of its manufacturing facility.
The company also announced a plan to focus on the development of its oncology and autoimmunity pipeline.
“Over the past two years, we have generated exciting oncology preclinical data, demonstrating the ability of our Red Cell Therapeutics to both broadly activate the immune system and induce tumor-specific responses by activating and expanding antigen-specific T cells with our artificial antigen-presenting cells,” said Dr. Pablo J. Cagnoni, CEO and president of Rubius Therapeutics. “By focusing on the development of our oncology and autoimmune pipeline, we believe we will have the greatest opportunity to bring life-saving therapies to patients, enhance shareholder value and extend our cash runway into 2022.”
“With our internal [Current Good Manufacturing Practice] manufacturing established, we are well-positioned to advance this entirely new class of allogeneic cellular medicines,” added Cagoni.
Rubius spent $122.4 million on research and development for the year, an increase from $51.8 million in 2018, and $57.2 million on general and administrative expenses, an increase from $39.9 million.
Cash, cash equivalents and investments at the end of the year totaled $283.3 million, a decline from $404.1 million at the end of 2018.
