Savara, Inc., an Austin, Texas-based inhalation drug delivery company, announced that it has closed the second tranche in its Series A financing round, exceeding the targeted total raise amount of $1.4m.
The funds will be used to continue to develop its NanoCluster technology, for which it has received patent allowance from the United States Patent and Trademark Office (USPTO). Savara’s NanoCluster technology utilizes nanotechnology to formulate high performance inhalation powder without the need for novel excipients or carrier particles.
The company now expects that its technology will enable products that are currently difficult or impossible to develop using conventional inhalation powders.
On this point, Rob Neville, CEO of Savara, said that the company has now the resources to effectively demonstrate the scalability and performance of the NanoCluster technology.