Aurinia Pharmaceuticals Inc (AUPH)

[Zeppo]

The money was raised, and the dilution occurred, around the six month mark for review and approval. Had the Phase III test not been such a slam-dunk, I would not have raised that money and probably would have begun trying to merge with someone for whatever the market would bear. Lupus treatment candidates have failed in Phase III tests in the past. I think we're seeing an exuberance of confidence, yet I would still like to see a breakdown of where the projected spending would be. The company obviously is trying to go it alone. I hope the dilution won't dampen the spirits of a potential acquirer.