By Sandra Zaragoza Staff Writer-Austin Business Journal
Austin-based Savara Inc. raised $6.9 million in a Series B round of funding, officials said Tuesday.
The four-year-old pharmaceutical company secured the funding as part of a planned $11.5 million offering, according to a filing with the U.S. Securities and Exchange Commission
San Francisco-based Keiretsu Forum was the lead investor in the latest round of funding.
Savara plans to use the funding to support the development of AeroVanc, a powder inhalant used in the treatment of pulmonary methicillinresistant staphylococcus aureus, or MRSA, an infection in cystic fibrosis patients.
“This new financing recognizes the progress we have made in advancing AeroVanc very rapidly through the early product development, including a Phase I clinical study in healthy volunteers and cystic fibrosis patients. The funding will allow us to carry out our planned Phase IIa efficacy trial of AeroVanc in MRSA-infected cystic fibrosis patients, scheduled to start early next year,” said Rob Neville, CEO of Savara.
Almost one-third of patients with cystic fibrosis are infected with MRSA, according to Savara.
The recent funding round does not include an additional $1.9 million in funding from the Emerging Technology Fund, which is expected to be converted into equity shortly, Neville said.