Rubius Therapeutics Reports Second Quarter 2018 Financial Results
“We have made significant progress over the course of this year - the highlight of which was the closing of our IPO,” said
Recent Business Highlights
Initial Public Offering
July 23, 2018, Rubius closed its IPO, raising $257.9 millionof proceeds after deducting underwriting discounts and commissions. The proceeds from this offering, together with existing cash, cash equivalents and marketable securities are expected to be used:
- to purchase, renovate, customize and operate its manufacturing facility;
- to advance RTX-134 through a Phase 1/2a clinical proof-of-concept trial;
- to advance and expand its RED PLATFORM™ and its research and development pipeline, including early discovery efforts and IND-enabling studies, and to initiate additional proof-of-concept trials in rare diseases, cancer and autoimmune diseases; and for working capital and other general corporate purposes.
July 31, 2018, Rubius purchased an existing 135,000-square foot manufacturing facility in Smithfield, Rhode Island.
- The company plans to invest approximately
$95.0 millionthrough 2020, which includes the $8.0 millionpurchase price.
Strategic Hires and Internal Capabilities
- Continued to build a leading scientific team and attract experienced leadership to deliver against Rubius’ vision, including the hiring of
Pablo J. Cagnoni, M.D., as chief executive officer.
- Strengthened internal capabilities in discovery, platform and therapeutic development and manufacturing.
Second Quarter Financial Results
Cash, cash equivalents and marketable securities totaled
About Rubius Therapeutics
Rubius Therapeutics is a biopharmaceutical company pioneering the development of a new class of medicines called Red Cell Therapeutics™. The Company’s proprietary RED PLATFORM™ was designed to genetically engineer and culture Red Cell Therapeutics™ that are selective, potent and ready-to-use cellular therapies for the potential treatment of several diseases across multiple therapeutic areas. Rubius’ initial focus is to advance RCT™ product candidates for the treatment of rare diseases, cancer and autoimmune diseases by leveraging three distinct therapeutic modalities — cellular shielding, potent cell-cell interaction and tolerance induction. For more information, visit www.rubiustx.com or follow us on Twitter.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the anticipated use of our existing cash resources, including proceeds from our IPO, the during for which our existing capital resources will fund our operations, the renovation and operation of the manufacturing facility for which we have entered into a purchase and sale agreement, the therapeutic potential of our Red Cell Therapeutics, the timeline for us to file an IND, and our strategy, business plans and focus. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the development of our Red Cell Therapeutic product candidates and their therapeutic potential and other risks identified in our SEC filings, including our Prospectus filed with the SEC on July 18, 2018, as amended, and subsequent filings with the SEC. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent our views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. We explicitly disclaim any obligation to update any forward-looking statements.
Condensed Consolidated Statement of Operations
(in thousands, except per share data)
|For the three months
ended June 30,
|For the six months
ended June 30,
|Research and development||11,965||4,821||21,615||8,502|
|General and administrative||16,279||4,212||22,076||5,314|
|Total operating expenses||28,244||9,033||43,691||13,816|
|Loss from operations||(28,244||)||(9,033||)||(43,691||)||(13,816||)|
|Other expense, net||(855||)||(521||)||(663||)||(595||)|
|Accretion of Series A redeemable convertible preferred stock to redemption value||(280||)||(656||)|
|Net loss attributable to common stockholders||$||(29,099||)||$||(9,554||)||$||(44,354||)||$||(14,411||)|
|Net loss per share - basic and diluted:||$||(3.33||)||$||(1.25||)||$||(5.19||)||$||(1.93||)|
|Weighted-average number of common shares used in computing net loss per share - basic and diluted:||8,727,392||7,866,955||8,542,362||7,808,681|
Condensed Consolidated Balance Sheet Data
|June 30,||December 31,|
|Cash, cash equivalents and marketable securities||$||181,730||$||104,288|
|Total stockholders' deficit and convertible preferred stock||170,067||96,103|
+1 (973) 271-6085
Vice President, Corporate Communications and Investor Relations
+1 (617) 949-5296
Source: Rubius Therapeutics