Full Press Release Details
Closes US$28 Million Financing
VICTORIA, British Columbia--(BUSINESS WIRE)--December 28, 2016--Aurinia
Pharmaceuticals Inc. (NASDAQ:AUPH) (TSX:AUP) ("Aurinia" or the
"Company"), a clinical stage biopharmaceutical company focused on the
global immunology market, today announced that it has closed its
previously announced US$28.75 million financing (including US$3.75
million pursuant to an exercise of the underwriter's over-allotment
option), for the sale of 12,777,775 units ("Units") of the Company at a
price of US$2.25 per Unit. Each Unit consists of one common share of the
Company (a "Share") and one-half of one common share purchase warrant
(each whole warrant, a "Warrant"). Each Warrant entitles the holder
thereof to purchase one Share at the exercise price of US$3.00 per Share
for a period of 5 years after the closing of the offering.
H.C. Wainwright & Co., LLC acted as sole book-running manager,
and Cormark Securities Inc., as co-manager (collectively, the
"Underwriters"). The Underwriters received a fee of 7% of the gross
proceeds of the offering.
For the purposes of the TSX approval, the Company relied on the
exemption set forth in Section 602.1 of the TSX Company Manual, which
provides that the TSX will not apply its standards to certain
transactions involving eligible inter-listed issuers on a recognized
exchange, such as NASDAQ. The Company intends to use the net proceeds of
the Offering for research and development activities, including LN Phase
3 clinical trial activities, and working capital purposes.
The Offering was made pursuant to a U.S. registration statement on Form
F-10, declared effective by the United States Securities and Exchange
Commission (the "SEC") on November 5, 2015 (the "Registration
Statement"), and the Company's existing Canadian short form base shelf
prospectus (the "Base Shelf Prospectus") dated October 16, 2015. The
prospectus supplements relating to the Offering (together with the Base
Shelf Prospectus and the Registration Statement, the "Offering
Documents") have been filed with the securities commissions in British
Columbia, Alberta and Ontario, and with the SEC. The Offering Documents
contain important detailed information about the securities being
offered. Before you invest, you should read the Offering Documents and
the other documents the Company has filed for more complete information
about the Company and the Offering. Copies of the Offering Documents are
available for free by visiting the Company's profiles on the SEDAR
website maintained by the Canadian Securities Administrators at www.sedar.com
or the SEC's website at www.sec.gov, as applicable.
Alternatively, copies of the U.S. prospectus supplement will be
available upon request by contacting H.C. Wainwright & Co., LLC, 430
Park Avenue, New York, NY 10022, email: placements@hcwco.com,
or by contacting Cormark Securities Inc., 200 Bay St Suite 2800,
Toronto, Ontario M5J 2J2, or by email atssmoroz@cormark.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any sale
of the securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction.
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, British Columbia and focuses its development efforts globally.
Aurinia Pharmaceuticals Inc.
Head of IR & Communications