Savara announces $26.8 million private placement

Inhaled drug developer Savara announced that it has entered into a definitive agreement for a private placement of common stock, pre-funded warrants, and milestone warrants with an expected $26.8 million in gross proceeds from sales of the common stock and pre-funded warrants and a potential of up to $75 million if all milestone warrants are exercised. The private placement is led by Bain Capital Life Sciences, and Bain Capital’s Ricky Sun will join Savara’s board of directors.

Earlier this year, Savara initiated a Phase 2a study of its Molgradex inhaled GM-CSF for the treatment of nontuberculous mycobacterial (NTM) lung infections in cystic fibrosis patients. The company is also developing Molgradex for the treatment of NTM lung infections in non-CF patients and for the treatment of autoimmune pulmonary alveolar proteinosis (PAP). The company’s AeroVanc inhaled vancomycin is in Phase 3 development.

In November 2019, Savara announced the appointment of former Director of the FDA’s Division of Pulmonary, Allergy, and Rheumatology Products in the Center for Drug Evaluation and Research (CDER), Badrul Chowdhury, as Chief Medical Officer.

Read the Savara press release.