AUPH - Aurinia Pharmaceuticals: Comparative Analysis Reveals Voclosporin As A Drug With Mediocre Efficacy And Class-Typical Safety
Thesis to Investment:
The likelihood that Aurinia Pharmaceuticals Inc.'s (AUPH) phase III trial, AURORA, succeeds is exceedingly low. The thesis to investment relies on a few vital prerequisites. The first being that the standard of care (SoC) for induction treatment of lupus nephritis ((LN)) is a regimen consisting of high-dose steroids plus mycophenolate mofetil (MMF) or cyclophosphamide (IVCY). That treatment with these agents alone has resulted in a complete response ((CR)) rates around 9%. Clearly, there is a large unmet need for safe and effective treatments for LN. The company believes