Taking a look at its pricing, RUBY's deal was increased to 10.48 mln shares from 9.53 mln while pricing at $23 versus the $20-$22 expected range. The deal allowed for the generation of $241 mln in total gross proceeds, or about 21% more than expected.
The lead underwriters on the IPO were JP Morgan, Morgan Stanley, Jefferies, and Leerink Partners. Shares open for trading this morning on the Nasdaq at $30.51, well above the pricing point.
RUBY is a preclinical-stage biopharma that is pioneering the development of a new class of medicines called Red Cell Therapeutics, or RCTs. Based on its vision that human red blood cells are the foundation of the next significant innovation in medicine, RUBY has designed a proprietary platform to genetically engineer and culture RCTs that employs selective, potent, and ready-to-use cellular therapies. RUBY believes that its RCTs will provide life-changing or life-saving benefits for patients with severe diseases across multiple therapeutic areas.
The company has generated hundreds of RCTs using its proprietary cellular therapy platform, the Rubius Erythrocyte Design, or RED, Platform. It is seeking to advance a broad pipeline of RCT product candidates into clinical trials with an initial focus on rare diseases, cancer, and autoimmune diseases.
Furthermore, its proprietary RED Platform Red blood cells, or RBCs, are unique, as they lack a nucleus, are not cleared from circulation by the immune system, and have a well-characterized biodistribution, as they are generally sequestered in the vasculature, spleen and liver.
RUBY plans to file an investigational new drug application, or IND, for its first product candidate (RTX-134, for the treatment of phenylketonuria) in 1Q19 and INDs for additional RCT product candidates during 2019, 2020, and thereafter.
Turning to the financials, like most preclinical-stage biopharmas, RUBY does not really have any financials at this point. It has no products in clinical development nor any approved for commercial sale, and it has not generated any revenue from product sales to date. RUBY has never been profitable and expects to incur significant losses for the foreseeable future.