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Aurinia Pharmaceuticals raises US$7mln for lupus drug development

Last updated: 08:09 15 Jun 2016 EDT, First published: 03:09 15 Jun 2016 EDT

US dollar bills
Units are being sold at US$2.36 each.

Aurinia Pharmaceuticals Inc (NASDAQ:AUPH, TSE:AUP) has raised just over US$7mln to support timely clinical development of a lupus drug.

Units, comprising one share and a part warrant, are being sold to investors at a price of US$2.36 each.

Charles Rowland, Aurinia’s chief executive, said: "We greatly appreciate the continued support and confidence shown by our investors that are participating in this financing.

“The proceeds from the financing will enable us to advance product supply, prepare for the initiation of Phase 3 and product launch with the goal of improving the lives of patients suffering from this serious condition as quickly as possible.”

Aurinia’s drug in development, voclosporin, is intended to be a therapy for lupus nephritis (LN).

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