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Aurinia (ISA.TO) Reports First Quarter 2014 Financial Results



5/16/2014 10:06:58 AM

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VICTORIA, British Columbia, May 15, 2014 (GLOBE NEWSWIRE) -- Aurinia Pharmaceuticals Inc. (TSX-V:AUP) ("Aurinia" or the "Company") has released its financial results for the first quarter ended March 31, 2014.

Recent Developments

On February 14, 2014, Aurinia announced that it had completed a US$52 million (C$57.48 million) private placement (the "Offering") pursuant to which the Company issued 18,919,404 units (the "Units") at a subscription price per Unit of US$2.7485 (C$3.038), each Unit consisting of one common share and one-quarter (0.25) of a common share purchase warrant, exercisable for a period of five years from the date of issuance at an exercise price of US$3.2204 (C$3.56). All securities issued in connection with the Offering are subject to a four month hold period from the date of issuance in accordance with applicable securities law, which expires on June 15, 2014 for the securities issued at closing. The Offering was led by venBio, New Enterprise Associates (NEA), Redmile Group, RA Capital Management, Great Point Partners, and Apple Tree Partners, with participation from various other institutional investors, including existing shareholders Lumira Capital, ILJIN Life Science Co. Ltd. and Difference Capital.

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