Full Press Release Details
Announces Appointment of Company Founder, Dr. Richard M. Glickman, as
its New Chief Executive Officer
Founder and CEO to lead the next stage of Aurinia's development
VICTORIA, British Columbia--(BUSINESS WIRE)--February 6, 2017--Aurinia
Pharmaceuticals Inc. (NASDAQ: AUPH / TSX: AUP) ("Aurinia" or the
"Company"), a clinical stage biopharmaceutical company focused on the
global immunology market, today announced its Board of Directors has
appointed Dr. Richard M. Glickman L.LD (Hon), the Company's founder and
Chairman of the Board, as Aurinia's Chairman and Chief Executive Officer
(CEO). The board accepted the resignation of Charles Rowland as CEO and
an executive member of the Board, effective immediately.
"My decision to take on the CEO role at this important time for Aurinia
is fueled by my absolute conviction in the potential for voclosporin to
transform the lupus nephritis treatment landscape," said Dr. Glickman.
"I have worked on LN for much of my career and believe that voclosporin
will significantly improve the lives of patients suffering from this
disease. Building on the success of the Phase 2 AURA study, Aurinia's
goal is to advance voclosporin while optimizing the company's strategic
vision and maximizing shareholder value. I look forward to engaging with
our key stakeholders and working with this world-class team as we unlock
the value and potential of this unique program, beginning with the
initiation of our planned pivotal Phase 3 trial in the second quarter of
"On behalf of the board, I am grateful to Charlie for his leadership as
CEO over the last year and his many contributions to the strategic and
operating imperatives of the company," added Dr. Glickman.
Dr. Glickman brings over 30 years of experience in the creation and
operation of healthcare ventures, founding and co-founding numerous
companies during his career. As the co-founder, Chairman and CEO of
Aspreva Pharmaceuticals, he played an integral role in developing and
establishing CellCept , or MMF, as the current standard of care for the
treatment of lupus nephritis (LN). 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. Dr. Glickman has
served on numerous biotechnology and community boards, including member
of the federal government's National Biotechnology Advisory Committee,
Director of the Canadian Genetic Disease Network, Chairman of Life
Sciences B.C. and a member of the British Columbia Innovation Council.
Dr. Glickman is the recipient of numerous awards including the Ernst and
Young Entrepreneur of the Year, a recipient of both BC and Canada's Top
40 under 40 award, the BC Lifesciences Leadership Award and the
Corporate Leadership Award from the Lupus Foundation of America (LFA).
"Dr. Glickman is a long-time supporter of lupus patients, clinicians and
researchers and I know first-hand and greatly admire what his tenacity
and passion can accomplish," said Sandra C. Raymond, President and Chief
Executive Officer of the Lupus Foundation of America. "He is a true
visionary and a pioneer in lupus, a field in which development of new
medications to treat the disease has been challenging. I'm thrilled to
be working with him in this capacity and with the Aurinia team as
voclosporin moves towards potentially becoming the first FDA approved
treatment for lupus nephritis."
About Lupus Nephritis (LN)
Lupus Nephritis (LN) in an
inflammation of the kidney caused by Systemic Lupus Erythematosus (SLE)
and represents a serious progression of SLE. SLE is a chronic, complex
and often disabling disorder and affects more than 500,000 people in the
United States (mostly women). The disease is highly heterogeneous,
affecting a wide range of organs & tissue systems. It is estimated that
as many as 60% of all SLE patients have clinical LN requiring treatment.
Unlike SLE, LN has straightforward disease outcomes where an early
response correlates with long-term outcomes, measured by proteinuria. In
patients with LN, renal damage results in proteinuria and/or hematuria
and a decrease in renal function as evidenced by reduced estimated
glomerular filtration rate (eGFR), and increased serum creatinine
levels. LN is debilitating and costly and if poorly controlled, LN can
lead to permanent and irreversible tissue damage within the kidney,
resulting in end-stage renal disease (ESRD), thus making LN a serious
and potentially life-threatening condition.
Voclosporin, an investigational drug,
is a novel, best-in-class calcineurin inhibitor ("CNI") with clinical
data in over 2,000 patients across multiple indications. Voclosporin is
an immunosuppressant, with a synergistic and dual mechanism of action
that has the potential to improve near and long-term outcomes in LN when
added to standard of care (MMF). By inhibiting calcineurin, voclosporin
blocks IL-2 expression and T-cell mediated immune responses. The Company
anticipates that upon regulatory approval, patent protection for
voclosporin will be extended in the United States to at least late 2027
under the Hatch-Waxman Act.
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, BC and focuses its development efforts globally. www.auriniapharma.com.
Forward Looking Statements
This press release contains
forward-looking statements, including statements related to Aurinia's
clinical and regulatory strategy, and future clinical development plans
for voclosporin, including the initiation of its planned pivotal Phase 3
trial in the second quarter of 2017, analysis, assessment and
conclusions of the results of the AURA-LV clinical study. It is possible
that such results or conclusions may change based on further analyses of
these data. Words such as "plans," "intends," "may," "will," "believe,"
and similar expressions are intended to identify forward-looking
statements. These forward-looking statements are based upon Aurinia's
current expectations. Forward-looking statements involve risks and
uncertainties. Aurinia's actual results and the timing of events could