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This is fairly new and an excellent video for Nephrologists treating LN .
Its a Healio video that I suggest those invested in AUPH try and access
Thank you Kiwi. In the middle of trying to book Covid shots and their site is overloaded and jammed (CVS).
RMB. Theres a new video out on Healio / Nephrology that prescribers in the field are probably aware of .
I can't seem to link it but maybe you can
Explains the decision tree and how they ended up using Lupkynis with good results
We’ll probably get a news soon. How impactful the news is, remains to be seen. Unfortunately, the ones responsible for moving the needle in the last few days may have friends in high places or dark places. I can’t fathom why this would stay low for a long time given it is the only medicine to treat this condition efficaciously and safely, jmo.
Just get the feeling that something is going on behind the scenes. The stock price would have normally been hammered back down by now (after the little pop over 6) but it seems to slowly be continuing the march upward. Time will tell, as we are always the last to know.
I sold all the AUPH in my IRA yesterday, you're welcome everyone haha
Trash but carefully manipulated trash so there is that.
Completely agree with you on this
PG and those directors have no shame so doubtful Selce’s letter spurs them to do anything, so I guess Selce has to rely on Iljin calling for an emergency meeting.
August 13, 2024
Aurinia Pharmaceuticals Shareholder Calls for CEO Peter Greenleaf, Dr. Brinda Balakrishnan, and Dr. Robert Foster to Resign from the Board
Highlights Damning Annual General Meeting Results, Which Show That Four of the Company’s Nine Directors Failed to Receive a Majority of the Votes
Calls on the Company to Appoint Two Shareholder Representatives to Bring Much-Needed Accountability to the Boardroom
August 13, 2024 08:00 AM Eastern Daylight Time
GENEVA--(BUSINESS WIRE)--Lucien Selce, who owns approximately 2.2% of the outstanding shares of Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) (“Aurinia” or the “Company”), today issued the below open letter to the Board of Directors (the “Board”) regarding the urgent need for accountability and boardroom changes.
***
August 13, 2024
Aurinia Pharmaceuticals Inc.
#140, 14315 – 118 Avenue
Edmonton, AB T5L 4S6
Canada
Attention: The Board of Directors
Members of the Board,
Over the past few months, I have expressed my concerns regarding the Company’s current strategy and trajectory due to the Board’s lack of appropriate oversight and relevant skillsets. Recent developments following the 2024 Annual General Meeting (the “AGM”) have made clear that current leadership has no interest in acting in shareholders’ best interests and in protecting the future of the Company.
The fact that four of the nine directors up for re-election at the 2024 AGM, including CEO Peter Greenleaf, failed to secure a majority of the votes speaks volumes about the need for boardroom change and a new strategy for value creation.1 The current state of affairs at Aurinia – marked by unchecked spending, ineffective leadership, and a clear lack of strategic direction – demands immediate and decisive action.
Aurinia Has Spent Excessive Capital Without Focusing on Research and Development (“R&D”)
The Company has recklessly spent $100 million in just six months, yet there has been little to no investment in R&D, which is the cornerstone of Aurinia’s future growth. This irresponsible financial management is unacceptable. Aurinia should be operated efficiently with a budget of $70 million – not $150 million. The current financial strategy is unsustainable and detrimental to shareholder value.
Management Continues to Pursue an Ineffective Strategy
In February 2024, the Company publicly announced the discontinuation of AUR200. Then, during the Q2 2024 earnings call, Mr. Greenleaf reversed this decision, stating that its development had resumed. This inconsistency not only undermines the credibility of the Company’s leadership, but also raises serious concerns about transparency with the market.
Moreover, during the same earnings call, it was openly acknowledged that the Company struggled to achieve the expected sales of LUPKYNIS. In addition, ADALVO (a generic drug manufacturer) has come up with a Voclosporin-based product, akin to a generic version of LUPKYNIS. This development, which could upset the Company’s competitive position, was not even discussed by management.
Leadership Has a Track Record of Ignoring Shareholders’ Interests
Despite announcing a $150 million share repurchase program in February 2024, only $18 million has been spent over the last six months, even as the Company continues to trade at rock bottom levels. This lack of action is a missed opportunity to support the share price and demonstrates poor judgment by leadership.
After being voted out at the recent AGM, Mr. Greenleaf and three other directors remain in their positions. The Board’s failure to accept conditional director resignations and Mr. Greenleaf’s avoidance of this topic during the latest earnings call demonstrate a blatant disregard for shareholders’ votes and sound governance.
The issues outlined above highlight the urgent need for effective oversight and changes to the composition of the Board. In my view, the only way the Company can improve its trajectory and begin creating value for shareholders is by taking the below steps:
Dr. Brinda Balakrishnan, Dr. Robert T. Foster, and Mr. Greenleaf should each submit their immediate firm (not provisional) resignations, as they have failed in their respective roles. At the 2024 AGM, 52.5% of shareholders withheld support for Dr. Balakrishnan, 51.8% withheld support for Mr. Greenleaf, and Dr. Foster was narrowly elected with just 51.4% support.2 These three directors should be held responsible for the lack of meaningful M&A activity, the absence of significant research initiatives, and the consistent failure to meet the Company’s objectives.
The Board should appoint two shareholder representatives: one from MKT Capital and one from ILJIN SNT Co., Ltd. (“ILJIN”). This will ensure that the interests of the Company’s owners are directly represented in all strategic decisions moving forward.
The Board should reduce its size to streamline decision-making and enhance accountability.
ILJIN, a significant shareholder of Aurinia, should call for an Extraordinary General Meeting as soon as possible. This meeting is essential to address the aforementioned urgent issues, execute necessary leadership changes, and realign the Company’s strategic direction with shareholders’ interests.
The time for change is now. Continued mismanagement of Aurinia threatens the future of our Company and the value we, as shareholders, have entrusted to you. I expect immediate action to rectify these issues.
Furthermore, I want to emphasize that under no circumstances should the Board proceed with acquiring additional assets that could jeopardize the Company's cash flow and financial stability. This reckless behavior must be halted to preserve the long-term health of Aurinia.
Sincerely,
Lucien Selce
***
________________________
1
Company’s Form 8-K dated June 14, 2024.
2 Company’s Form 8-K dated June 14, 2024.
Contacts
Lucien Selce
Lucienselce@gmail.com
I got a kick out of this line from PG re this earnings report:
“Additionally, achieving positive free cash flow ahead of our initial projections further strengthens our financial position and allows more flexibility to explore opportunities to diversify our portfolio," said Peter Greenleaf, President and Chief Executive Officer of Aurinia”
They can’t monetize their current assets, he thinks acquiring more assets is the answer. LOL.
pete has set the bar so low that he feels that the stock only being .15 cents lower than when he became ceo justifies his 1.7million dollar salary puss millions in free stock.
not only does he follow the Peter Principle but he gets his management advice from joe and cameltoe.
I understand how you cannot see another person as being successful seeing how you years of employment peaked when you finally learned how to say "would you like fries with that" so you could keep your job!
I never disclose holdings of stocks only ignorant investors would do that. suffice to say in the last 40 years I have never had a stock purchase of less than a block of 1000 shares. And if that was all I had it would tenfold your holdings here.
Dump it ( AUPH ) and buy ARDX ...if Co ( ARDX ) prevails against CMS via the Kidney Patient Act or their lawsuit ...far greater upside by end of year
JMO
Kiwi
He said he used to be a CEO. I wonder what kind of company he CEO’d. He was blaming his brother for blocking him from selling half his holdings (who knows, 750 shares?). We had one like him from another bought biotech who’s posting here but he’s a milder one. He’s the one referred to as Gadfly by zzzzzz.
I was wrong in my assumption.
I'm a charter member of the club that has been wrong about him. For years I thought his pointless, worthless posts were a cry for help, and that he must have someone who cares about him enough to get him some professional help.
But if that/those person(s) even existed, they have clearly failed so far. I say that because if he is institutionalized presently, he's somehow able to have internet access, which is most unfortunate.
I like to think that everyone has at least some value, but he's really demonstrating how wrong that assumption is.
He might be the dumbest investor in history; if the Olympics had such a competition, he deserves to be a world champion.
Still here holding my bags. This tunnel is long and dark, let there be light!
If the current price holds till 4 pm, yeah the shorts are worried that there may be a showstopper announcement tomorrow or there could be a good ER leak, JMHO.
I think they might be more worried that AUPH would finally announce management changes...
Everyone knows there aren't any earnings to speak of.
I think they might be more worried that AUPH would finally announce management changes...
Everyone knows there aren't any earnings to speak of.
Could it be shorts are worried about earnings tomorrow?
You ask a good question. One would hope that Aurinia would have the data to answer your questions.
It has been a number of years since L approval and the company has not made much headway with insurance coverage. On top of that they supposedly have a huge margin on L. The question is how will insurance coverage improve and scripts jump for every X dollars drop in price. But whatever they are doing doesn’t seem to be working to the degree that would fulfill the promise of L for LN patients. L costs more than double what Belimumab costs. Bringing those prices closer together might be in order.
If efficacy is as superior as I have read over time, then maybe we are at point where a modest price cut could turn the tables. Can anyone venture a guess as to what the "market will bear", price-wise, to include more insurance coverage?
Remember in November and December of last year, this same guy said he’ll abstain from posting here for a year? After a month, he was back to posting. I thought the reason for him saying that is that he would go to Auph headquarter and arm twist the board into replacing PG at the helm. I was wrong in my assumption.
thank you, you are a sweetheart
and ilke others a peter buttlicker.
6 more years you will still hold out hope for pete and we might be close to hitting 6.00 in the meantime he pulls in millions a year for poor performance.
your wife probably says the same to you...poor performance!
pete was to greedy and self serving to do what was best for the shareholders and accept bmy's offer when we were at 34.00
under peters management the share price has lost money
AMEN. 11th magnitude is too little.
"I won't sell for less than "60.00"
Prove that you really missed me! I think you are not only FOS but also suffer from excrement of the 11th magnitude clogging what used to be your brain.
You might be the saddest and mentally sickest creature on the iHub boards.
I'm begging you to seek serious help ASAP.
I'm praying for you against the demons that clearly currently possess you.
keep up the great work pete, dang I miss all the posters that would exclaim "I won't sell for less than "60.00"
we can't even get 6.00 and you still love pete
Z. To correct the previous post where I mentioned VERA .
Their LN P 3 trial has been suspended
Z. Is Lupkynis still a Tier 5 drug on formularies .
If so
Meant to add this link from ICER:
https://icer.org/wp-content/uploads/2020/11/LN_RAAG.pdf
On the same track as what you are talking about, IIRC Aurinia’s margin on Lupkynis is astronomical so they would have room to decrease the price. I have thought that they didn’t want to decrease margins so as to appear more attractive to BP wrt a BO.
But a number of years have passed since approval and management has not been able to get more favorable insurance coverage nor has Aurinia been able to attract a suitor.
Whalatane- Thinking about what you are saying about the apparently prohibitively high (exorbitant) cost of Aurinia's Lupkynis, in your opinion/view is the following hypothetical scenario possible/feasible?
The price of Lupykynis gets cut to the same price as Benlysta (Belimumab), which I believe is essentially a garbage drug compared to voclosporin.
I'm thinking if that happened, the sales of Lupykynis would soar by multiples of what they are currently, since the performance of Benlysta is dramatically inferior.
TIA
It's my opinion based on the following knowledge .
Generally what happens is the insurance provider wants the patient to fail on all the less expensive options first . This requires a paper trail for the MD and patient and often both get fed up with the process and settle for what they can get and afford .
What the patient can afford is a key factor .
Brand drugs like Lupy are generally tier 5 on a formulary so the patient is responsible for a third of the cost of the script ....unless they have some special drug co plan or coupon .
Sometimes my wife will get approval for a fairly expensive drug for CKD patients ...write the script ...but when the patient is required to pay the copay at the pharmacy they decline to get the drug .
Kiwi
Kiwi is it your opinion or knowledge that PAs correlate with cost of the drug?
Just wondering if you know how difficult it is to get approval to use this drug .
So far my wife knows of it being used by only 2 patients in the SF area ...both at Stanford Ca .
Prior authorizations hurdles ...suggest you learn about them
Kiwi
to which pete responded "PFFF"
SEOUL, South Korea--(BUSINESS WIRE)--ILJIN SNT Co., Ltd. ("ILJIN"), one of the largest shareholders of Aurinia Pharmaceuticals (NASDAQ: AUPH) ("Aurinia" or the "Company"), today issued an open letter to fellow shareholders. The full text of the letter is below.
=======================
July 11, 2024
Fellow Aurinia Shareholders,
Last month, Aurinia (“Company”) announced the voting results of its 2024 annual general meeting of shareholders (“AGM”). The Company announced that four directors -- (i) Peter Greenleaf, President and CEO and a Director, (ii) Daniel G. Billen, Director and Chair of the Board, (iii) R. Hector MacKay-Dunn, J.D, Director, and (iv) Brinda Balakrishnan, Director -- received less than the majority support required under the Company’s Majority Voting Policy.
No doubt the AGM results are a step in the right direction for the future of Aurinia. In this connection, we call on the Company’s Board to honor the voices of shareholders as expressed through the AGM, and accept the resignations of the four directors in accordance with the AGM voting results. We fully expect the Board will change as a result of this vote and begin to serve as a strong, effective board in ensuring improved management performance and securing a breakthrough in the Company stock’s performance in the near future.
So, after months of efforts, including issuance of the three public letters, ILJIN simply wanted to express our sincere gratitude to our fellow shareholders for having the courage to step up and finally making our voices heard. Our collective actions prove that no longer can entrenched management get away with massive losses on shareholders without a consequence to their compensation from the Company, and no longer may the Company’s management enrich themselves through the unrestrained grant of free RSUs -- irrespective of the Company’s performance.
Now, the AGM has paved the path for a change to the Company’s Board, we will need new directors who could help the Company forge a new strategic direction and successfully implement the strategic change. In this respect, we intend to maintain our vigilance and continue to press for the Board to listen to the constituent shareholders both in the selection of the composition of the Company’s new Board and adoption of a new growth strategy for Aurinia. We implore the Company to take the necessary changes at the Company to restore shareholder value in the nearest future possible.
Together, we will make a difference to the future of Aurinia.
Contacts
Media:
Yoonhwa Lee
yoonhwa.lee@iljin.co.kr
ILJIN SNT CO., LTD.
A few good quarters, some BO interest, and we're at $30 plus. It all depends on the long term profit potential.
You thinking low double digits per share or not even that?
AUPH will be bought out before the year ends. It will not be at the price most longs here want. But it will be a fitting conclusion to this company.
Pete will right there ship. I guarantee it..
so the shareholders vote out some of the bod and yet we have not seen any letters of resignation.
just like when the supreme court tells biden he can't do something and jo gives them the finger and does it anyway.
you would thing if pete ad any integrity he would leave seeing how the vote showed no confidence in him to run the company other than run it in the ground as he has.
I don't think that matters anymore,
Was he native born?
Candidate & Indication | Development Stage | ||||
---|---|---|---|---|---|
Preclinical | Phase 1 | Phase 2 | Phase 3 | Market | |
VOCLOSPORINLupus Nephritis (LN) | Preclinical Phase complete | Phase 1 Phase complete | Phase 2 Phase in progress | Phase 3 Phase not started | Market Phase not started |
Aurinia is committed to working in areas of high unmet medical need and is poised to deliver the first approved therapy in the U.S. and Europe for the treatment of lupus nephritis, or LN.
Voclosporin, an investigational drug, is a novel and potentially best-in-class calcineurin inhibitor (“CNI”) with clinical data in over 2,000 patients across 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 lupus nephritis (LN) when added to standard of care mycophenolate mofetil (MMF). It has been granted “fast track status” by the U.S. Food & Drug Administration (FDA).
Voclosporin has the potential to become a best in class medication and the first approved treatment for LN in the U.S. and Europe, effectively altering the current treatment paradigm for the disease.
Our clinical data suggests that adding voclosporin to the current SoC of MMF for the treatment of lupus nephritis (LN) will yield superior results to using the standard of care alone.
Additionally, voclosporin may prove to be an ideal therapy for lupus nephritis due to advantages such as:
In clinical trials, Voclosporin has been shown to be especially effective in the presence of low dose steroids with rapid reduction of LN inflammatory markers and overall improved renal stability.
The list of potential product benefits includes:
LN Critical Need | Voclosporin (based on AURA Results) | |
---|---|---|
Control of Active Disease | ||
Rapid Disease Control | ||
Lower Steroid Burden | ||
Impact on Extra-renal disease | ||
Convenient Treatment Regimen |
In previous studies, over 2000 patients have been treated with Voclosporin with no abnormal or unexpected SAE’s
Efficacy of calcineurin inhibition has already been established. Voclosporin has a well-characterized safety profile (over 2,000 patient exposures across multiple years) across indications.
No new safety signals were observed with the use of Voclosporin in LN patients; Voclosporin was well-tolerated and renal function remained stable in clinical studies. The overall safety profile is consistent with other immunosuppressive drugs.
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