Savara Pharmaceuticals, an Austin, Texas-based specialty pharmaceutical company developing innovative pulmonary drugs, has raised $8.6m in the first closing of a Series B round of financing.
The close includes $3.2m in new funds, $3.5m in bridge funding converting into Series B shares, and an anticipated $1.9m Emerging Technology Fund equity conversion.
The round was led by The Keiretsu Forum, with participation from existing investors.
The company intends to use the proceeds from this financing to advance AeroVanc (vancomycin hydrochloride inhalation powder), a inhaled antibiotic being developed for the treatment of pulmonary methicillin-resistant Staphylococcus aureus (MRSA) infection in cystic fibrosis (CF) patients, through a Phase IIa clinical efficacy study.
Savara is led by CEO Robert Neville.