Member Company Savara Raises Money
As reported in the Austin Business Journal on Tuesday, December 15, 2009, ATI Member Company Savara recently closed on additional financing:
Investors pour $656,157 in Savara Pharmaceuticals
Savara Pharmaceuticals Inc. received $656,157 of a $777,000 round of financing.
Austin-based Savara accepted the funds from 13 investors, according to a filing Monday with the U.S. Securities and Exchange Commission.
The company, which moved from Kansas last year, is developing an inhalation-based drug delivery system. Last June, it collected $833,000 of a $1.4 million Series A financing round.
Savara was founded in 2007 with technology developed at the University of Kansas. In late 2008, it moved to the Austin Technology Incubator five months after local entrepreneur Rob Neville was named the company’s chairman and CEO.
Neville previously founded and was CEO to another ATI-based company, Evity Inc. That start-up was acquired in 2000 by Houston-based BMC Software Inc. for $100 million about a year after it was founded.
Savara’s pulmonary drug delivery product initially developed in 2004 is based on nanotechnology and dry powders rather than conventional propellants. Developers plan to offer its platform to drug makers seeking alternative delivery methods.