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Rubius Therapeutics is the can’t-do-anything-right biotech spinout from the high-profile venture capital firm Flagship Pioneering. Moderna — Flagship’s runaway success story — it is not.

But an opportunity for Rubius to improve its bumbling reputation — and continue a recent recovery in its stock price — looms. The company is preparing to disclose the first clinical data from an effort to transform red blood cells into cancer-fighting drugs.

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