CAMBRIDGE, Mass., Dec. 21, 2018 (GLOBE NEWSWIRE) -- Rubius Therapeutics, Inc. (Nasdaq: RUBY), a biotechnology company developing an entirely new class of allogeneic cellular therapies, today announced it has entered into a loan and security agreement with Solar Capital Partners and its affiliates for a term loan of up to $75.0 million to be funded in three tranches of $25.0 millioneach. The first tranche is to be funded today, and the remaining are at the Company’s election subject to satisfaction of certain requirements. The proceeds will be used to advance its pipeline of Red Cell Therapeutics™ and for general corporate purposes, further extending the Company’s cash runway into 2021.
“This flexible, non-dilutive financing strengthens our financial position and supports our key therapeutic programs advancing towards clinical trials,” said Pablo J. Cagnoni, M.D., chief executive officer of Rubius Therapeutics. “We look forward to partnering with Solar Capital Partners, a leader in the life sciences lending business.”
Payments under the loan are interest only for 36 months, followed by 24 months of principal and interest through the scheduled maturity date of December 21, 2023.
“We are excited to partner with the Rubius team as they develop this potentially disruptive new therapeutic platform,” said Anthony Storino, head of the life science lending business at Solar Capital Partners.
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.
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