Yesterday’s unicorn is today’s $11 stock
Remember Rubius Therapeutics? The company had an intriguing approach to red blood cells, some creative marketing, and enough investor confidence to go public at a roughly $2 billion valuation last summer.
A year and change later, Rubius is worth about $900 million, below its last private valuation before the IPO.
The company is behind schedule enrolling its first clinical trial, on an engineered red blood cell to treat the rare metabolic disorder phenylketonuria. That was supposed to start last quarter, but instead Rubius has been “working closely with its contract manufacturer to improve its ability to consistently produce product.” Initial data will still be ready some time this year, according to the company, and those results will shed light on just how much promise there is in Rubius’s platform approach.
In the meantime, at least in valuation terms, life outside the enchanted forest has been difficult for this former unicorn.
A year and change later, Rubius is worth about $900 million, below its last private valuation before the IPO.
The company is behind schedule enrolling its first clinical trial, on an engineered red blood cell to treat the rare metabolic disorder phenylketonuria. That was supposed to start last quarter, but instead Rubius has been “working closely with its contract manufacturer to improve its ability to consistently produce product.” Initial data will still be ready some time this year, according to the company, and those results will shed light on just how much promise there is in Rubius’s platform approach.
In the meantime, at least in valuation terms, life outside the enchanted forest has been difficult for this former unicorn.
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