CAMBRIDGE, Mass. – Rubius Therapeutics Inc. reported a loss of $40.9 million, or 51 cents per diluted share, in the third quarter.
The clinical-stage biopharmaceutical company, which has built a manufacturing facility in Smithfield, reported a loss of $47 million, or 59 cents per diluted share, one year prior.
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The company said it spent $28.2 million in research and development related to its RED PLATFORM and expanding its product pipeline, a decline from $33.5 million one year prior. It attributed the decline to a $7.5 million reduction in costs following the deprioritization of its rare disease pipeline in March 2020.
“Rubius Therapeutics continues to demonstrate strong execution across our pipeline of Red Cell Therapeutics for the treatment of cancer. Our IND filing for RTX-321 included, for the first time, frozen drug substance as part of the manufacturing process, resulting in a truly off-the-shelf cellular therapy with a potential shelf life of up to several years,” said Dr. Pablo J. Cagnoni, CEO and president of Rubius Therapeutics. “As we continue to escalate the dose in the RTX-240 solid tumor trial, we are assessing the safety profile and biological effects of RTX-240 on innate and adaptive immune responses. We believe that by demonstrating that RTX-240 is working as intended to induce anti-tumor innate and adaptive immunity, we can unlock the potential of the RED PLATFORM across our entire pipeline of cancer and autoimmune programs.”
As of Sept. 30, the company’s cash, cash equivalents and investments were $207.9 million, as compared to $283.3 million as of Dec. 31, 2019.
The company was one of PBN’s honorees in the 2020 Best Places to Work program in July.
