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Victoria-based Biopharm Company Aurinia Closes Monster $230 Million Financing
Thursday, March 23, 2017Company Profile | Follow Company
Victoria, BC, March 23, 2017--(T-Net)--Victoria-based Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) (TSX:AUP), a clinical stage biopharmaceutical company focused on the global immunology market, has announced the closing of a pretty stunningly massive underwritten public offering of 25,645,000 common shares.
The shares were sold at a public offering price of US$6.75 per share and gross offering proceeds to the Company from this Offering were approximately CDN $230 million (US$173.1 million), before deducting underwriting discounts and commissions and other estimated offering expenses.
Aurinia is headquartered in Victoria, BC and focuses its development efforts globally.
The Company is a clinical stage biopharmaceutical company focused on developing and commercializing therapies to treat targeted patient populations that are suffering from serious diseases with a high unmet medical need.
The Company is currently developing voclosporin, an investigational drug, for the treatment of lupus nephritis (LN), in an inflammation of the kidney caused by Systemic Lupus Erythematosus (SLE) and represents a serious progression of SLE.
The Company intends to use the net proceeds of the $230 million share offering for research and development activities, including Phase 3 clinical trial activities for lupus nephritis, and working capital purposes.
Aurinia Pharmaceuticals is led by CEO and Chair Dr. Richard Glickman and a strong management team and board.
Dr. Glickman was previously a co-founder, Chairman and CEO of well known Aspreva Pharmaceuticals, playing an integral role in the development and establishment of CellCept®, or MMF, as the current standard of care for lupus nephritis.
Aspreva Pharmaceuticals was acquired by Swiss pharmaceutical company Galenica for nearly $1B in 2008.
He currently serves as founding Chairman of Essa Pharmaceuticals Inc., Chairman of the Board of Engene Corporation and a Director of Cardiome Pharma. He is also a Partner at Lumira Capital, one of Canada's most successful healthcare focused venture capital firms.
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Editor's Note: Tech companies in other sectors could certainly take a page or two from the playbooks of biotech and life sciences companies in BC who seem to have a knack on how to raise exceptionally large financings.
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Leerink Partners LLC and Cantor Fitzgerald & Co. (collectively, the “Underwriters”) acted as joint book-running managers for the Offering.
ABOUT AURINIA
Aurinia is a clinical stage biopharmaceutical company focused on developing and commercializing therapies to treat targeted patient populations that are suffering from serious diseases with a high unmet medical need. The Company is currently developing voclosporin, an investigational drug, for the treatment of lupus nephritis (LN). The Company is headquartered in Victoria, British Columbia and focuses its development efforts globally.
Contact:
Investors
Aurinia Pharmaceuticals Inc.
Celia Economides
Head of IR & Communications
ceconomides@auriniapharma.com
Media:
Christopher Hippolyte, 917-826-2664
Christopher.hippolyte@inventivhealth.com
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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