Savara raises $10M on way to IPO
Oct 7, 2014
Austin Business Journal
Savara Pharmaceuticals said Monday it has secured $10 million in funding for continued development of AeroVanc, an inhalable antibiotic that treats MRSA infections in cystic fibrosis patients
The treatment has been designated as a "qualified infectious disease product" by the U.S. Food and Drug Administration and is on a fast-track status, the company said in a statement. Various designations in the works could give it 12 years of market exclusivity
Austin-based Savara, a pharmaceutical company specializing in treatments for serious and deadly diseases, has completed enrollment of patients in its Phase 2 trials for AeroVanc and expects to have results in the first quarter of 2015. In June the company said it had raised $4.5 million of the $10 million funding round
The company is considering an initial public offering in 2015
"First and foremost, Savara will use the additional financing to support the continued development of AeroVanc for people with [cystic fibrosis] who often struggle with persistent MRSA infection," Rob Neville, Savara CEO, said in the statement. "In addition, the financing adds to our resources for corporate development as we look to expand our pipeline to prepare for Savara's next stage of growth."