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Lunacy_John Galt

12/07/19 7:01 PM

#9902 RE: Jesspro #9901

That's my opinion as well. I'm fine with the other scenarios too if that's the path it goes. The trend the last few years is to make companies bring the product to market and show adoption before a buyout, but the potential here is so large for such an unmet need that I can absolutely see a deal made before commercialization.

For the record, I'm fine with an offering if it's done right. I don't think it's something that should be feared. ARRY was a great story. Got in at $3 and road it to the BO at $48 this year. Offerings were done along the way, but it didn't stop us all from huge gains.

Lunacy_John Galt

12/07/19 11:26 PM

#9904 RE: Jesspro #9901

Jess, you and I along with a couple others have been pretty consistent in our belief the last couple years that we would see an even more compelling data readout than the PH2B trial. There were some considerations to seriously consider. Mostly for me, was more pts enrolled that had previous MMF use. I wasn't as worried by a more diversified group, but it was something to consider.

End of the day, we felt the Aurinia team knew what they were doing when they put together the trial protocol. It doesn't often play out exactly the way they draw it up with these trials, but it sure feels nice knowing we assumed correctly. The efficacy is strong, but the safety data blew everyone away. Only allowing sites that could provide reasonable SOC, was the game changer.

Cheers!