Aurinia Pharmaceuticals Inc. (AUPH) has offered to sell 22.30 million common shares to the public at a price of $6.75 per share. The company expects gross proceeds from this offering to be $150.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
This offering is expected to close on or about March 20, 2017. The company has granted the underwriters an option to purchase 3.35 million additional shares.
Aurinia intends to use this offering net proceeds for research and development activities, including Phase 3 clinical trial activities for lupus nephritis, and working capital purposes.
Earlier this month Aurinia announced top-line results from its AURA study in lupus nephritis. At 48 weeks, the trial met the complete and partial remission endpoints. Aurinia plans to begin AURORA Phase III trial with Voclosporin in the second quarter of 2017.
The totality of data from both the AURORA and AURA trials will serve as the basis for a NDA submission following completion of the Phase III trial. Lupus nephritis is one of the most severe complications of systemic lupus erythematosus.
by RTT Staff Writer
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