Aurinia Pharmaceuticals Inc (AUPH)

[Zeppo]

We have had very meaningful commentary the last couple of days. I'm happy to see some cautious optimism in the audience as well as, what Mr. Greenspan referred to many years ago, "irrational exuberance". Phase III can be a crazy place to be. History will show companies that had minimal side-effect issues in Phases I and II and then stopped testing in the middle of Phase III because an overwhelming number of side-effects popped up. Other companies showed decent efficacy in Phase I and II but didn't reach the necessary endpoints in an expanded Phase III. I had forgotten about the Lilly attempt. What that failure should remind us of is that both large, established companies,with plenty of FDA connections and smaller, specialized firms with few connections had trouble developing a product to effectively treat Lupus. I have had friends suffer from both the kidney infections and the muscle fatigue. It looks like the products that have been approved deal with muscle fatigue and the overall immune system. A successful Phase III test on the nephritis issue could be a major gift to the world.