Aurinia Closes US$28 Million Financing
December 28 2016 - 4:56PM
Business Wire
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.
ABOUT AURINIAAurinia 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.
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Aurinia Pharmaceuticals Inc.Investors & Media:Celia
EconomidesHead of IR &
Communicationsceconomides@auriniapharma.com