imgres-6Savara Pharmaceuticals closed on $7.4 million, the second tranche of a $16 million Series B financing round to expand the clinical trial testing of its drug to treat lung infections in Cystic Fibrosis patients.
In addition, Savara was awarded a $4 million grant by the National Heart, Lung and Blood Institute of the National Institutes of Health.
The Austin-based company has created a drug called AeroVanc, which is the first “inhaled antibiotic being developed to address the growing population of MRSA-infected Cystic Fibrosis patients.”
“Savara’s new investors include members of the Tech Coast Angels and the North Texas Angel Network, along with returning investors from the Central Texas Angel Network and The Keiretsu Forum, which led the $8.6 million first tranche of the Series B in June 2012,” according to a news release. Other independent investors also participated.
The company increased the round, which was oversubscribed, from $13 million to $16 million. Since its founding in 2007, Savara Pharmaceuticals has raised $19 million.
“Savara has quickly emerged as one of the key players in inhaled antibiotics, but unlike all other similar products, AeroVanc is the first one to specifically address the growing problem of MRSA lung infection in cystic fibrosis,” Rob Neville, Chief Executive Officer of Savara Pharmaceuticals, said in a news release. “This has created substantial interest among an increasing number of high caliber investors, with strong support from key opinion leaders and the CF medical community.”