BioCentury
ARTICLE | Financial News

Aurinia raises US$52 million in private placement

February 15, 2014 1:18 AM UTC

Aurinia Pharmaceuticals Inc. (TSX-V:AUP) raised US$52 million through the sale of 18.9 million units at $2.75 in a private placement led by new investors venBio; New Enterprise Associates; Redmile Group; RA Capital Management; Great Point Partners; and Apple Tree Partners. Existing investors Lumira Capital; the ILJIN Life Science Co. Ltd. subsidiary of ILJIN Group (Seoul, South Korea); and Difference Capital also participated. Each unit comprises a share and a five-year warrant to purchase 0.25 shares, with each whole warrant exercisable at $3.22. Leerink and Canaccord were placement agents. venBio's Kurt von Emster joined Aurinia's board.

This half, Aurinia plans to start a Phase IIb trial of voclosporin to treat lupus nephritis, which is characterized by kidney inflammation caused by systemic lupus erythematosus (SLE). Voclosporin is a transisomer of a cyclosporine analog that inhibits calcineurin. Aurinia spun out of Vifor Pharma Ltd., the specialty pharma unit of Galenica Ltd. (SIX:GALN). Vifor originally licensed rights to voclosporin from Isotechnika Pharma Inc., with which Aurinia reversed-merged last year (see BioCentury, March 4, 2013). ...