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Aurinia closes US$191.7M common stock offering to fund drug launch activities

Aurinia Pharmaceuticals Inc. has raised about US$191.7 million in gross proceeds via a common stock offering.

The Canadian biotechnology company sold a total of 12,782,439 common shares at US$15 apiece. This includes 1,667,274 shares sold to the underwriters in a fully exercised overallotment option provided by the company.

Victoria, British Columbia-based Aurinia will use the net proceeds from the offering to prepare for pre-commercialization and launch activities. The company recently reported positive results for its kidney inflammation medicine voclosporin. The company plans to file for approval with the U.S. Food and Drug Administration for the drug in the first half of 2020.

Jefferies LLC and SVB Leerink LLC served as joint book-running managers for the offering, and H.C. Wainwright & Co. LLC, Oppenheimer & Co. Inc. and Bloom Burton Securities Inc. were co-managers.