Aurinia jumps as it restructures board of directors

Under pressure from certain shareholders, autoimmune diseases specialist Aurinia Pharmaceuticals (Nasdaq: AUPH) on Friday said it has restructured its board of directors, with the news sending the Canada-based company’s shares up 8.3% to $7.12.

Peter Greenleaf, president and chief executive of Aurinia, remains a director. Mr Greenleaf had conditionally resigned as a director because he received less than majority support at the 2024 Annual General Meeting.

The board carefully considered all relevant factors and determined that there are exceptional circumstances that warrant the rejection of Mr Greenleaf’s conditional resignation. The board believes that maintaining Mr Greenleaf’s director position is in the best interests of the company and allows for the company’s continued focus on commercial execution, free cash flow generation, and advancement of its pipeline.