Austin company grabs major funding for medical trials

Oct 21, 2013
Austin Business Journal

A $1.7 million award from Cystic Fibrosis Foundation Therapeutics, Inc. adds to more than $4 million in recent funding from the National Institutes of Health for Austin-based Savara Pharmaceuticals

The money will help the company fund its current Phase 2 trials for its AeroVanc dry-inhalant treatment for lung infections in children suffering from cystic fibrosis

Rob Neville, the company’s CEO, said the awards from prominent organizations will also give patients and physicians confidence in the treatment, which targets MRSA lung infections that are resistant to traditional drug remedies

Savara has also raised $19 million from angel investors since its founding in 2007. It currently employs seven executives in its Austin office – its development chain utilizes resources and contractors from all over the globe – and is looking for a chief financial officer with experience taking a life science company public

An IPO isn’t a certainty for Savara, but Neville said it is a possibility as the company continues development of other products and looks to expand its offerings even further in the future

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