AUPH is the biggest biotech stock gainer on Thursday after Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) released highly positive results from the late-stage trial of its experimental product candidate voclosporin.
Big News for Aurinia
The product in question is meant for the treatment of Lupus nephritis, and in the latest results, it has been revealed that voclosporin has managed to get a much higher response from patients’ kidneys than the placebo.
Aurinia Pharmaceuticals further stated that in light of the latest findings, the company is going to make a new drug application to the United States Food and Drug Administration. Aurinia stated that the application is going to be made at some point in the first six months of 2020.
In the early session on Thursday, AUPH stock rallied by as much as 104% at $17.10.
The Chief Executive Officer and President of the company, Peter Greenleaf, stated, “We are aware of the intense need for a clinically impactful therapy for this serious disease and are working with urgency to complete regulatory filings in the U.S. and worldwide.”
Greenleaf added that the product could be made available commercially by the beginning of 2021. The developments are highly encouraging for Aurinia, and the reaction from the stock market is not a surprise. The medicine could turn out to be the standard treatment for Lupus nephritis if it is approved, and analysts believe that this market is going to grow considerably in the years to come. Hence, the commercial ramifications for Aurinia Pharmaceuticals are significant.
Moreover, some of the biggest pharmaceutical companies in the world have also been working on Lupus nephritis medication, and if voclosporin does manage to get the approval, then it could attract attractive acquisition offers.
AUPH stock made a new 5-year high of $17.48 in today’s trading session.
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