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Rubius Therapeutics Inc (RUBY) stock is Surging, and here is the reason WHY?

Rubius Therapeutics Inc (RUBY) Stock soared on the last day of the week, and it gained 49.12% in the after-hours on Friday, March 12, 2021. The reason behind their soaring price is the announcement made by RUBY Stock.

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What is an important announcement?

Rubius Therapeutics Inc (RUBY) announced on March 12, 2021, that its goings to do a webcast on Monday, March 15, 2021, to share this initial data from the ongoing Phase 1/2 trial of RTX-240 in patients with advanced solid tumors

RUBY will host a conference call and webcast with a slide presentation at 8:00 a.m. EDT on Monday, March 15, to discuss this update. The link to the conference call’s webcast will be posted on the Investors & Media section of the RUBY’s website.

RUBY’s financial news

On February 23, 2021, Ruby reported fourth-quarter and full-year 2020 financial results.

Fourth Quarter 2020 highlights

  • Rubius Therapeutics suffered a net loss of $40.5 million or $0.50 per common share for the fourth quarter of 2020.
  • RUBY invested $25.6 million in the research and development program while spending $14.1 million in G&A expenses.

Full-year 2020 highlights

  • Rubius Therapeutics suffered a net loss of $167.7 million or $2.08 per common share, compared to $163.5 million or $2.08 per common share for the full year 2019.
  • RUBY R&D expenses for the full year 2020 was $116.1 million related to its novel RED PLATFORM
  • $50.3 million were spent on G&A expenses during the twelve months of 2020
  • cash, cash equivalents and investments were $176.3 million by the end of 2020.

About the Company

Rubius Therapeutics was founded in 2013, and its headquarter is in Massachusetts, United States. Rubius Therapeutics is a clinical-stage biopharmaceutical company developing a new class of medicines called Red Cell Therapeutics™. The Company was recently named among the Top Places to Work in Massachusetts by the Boston Globe.

The CEO and president of Rubius Therapeutics are Pablo Cagnoni. He has worked as an oncologist and pharmaceutical executive. He played an essential role in the development, approval and commercialization of more than 20 life-changing treatments, including Afinitor®, Kyprolis® and Tarceva®. He has extensive experience of more than 20 years in the medical field and has worked at different executive positions in may prominent companies worldwide.

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