SAN FRANCISCO, July 17, 2012 /PRNewswire/ -- Keiretsu Forum's members recently made a significant investment of more than $3 million to take lead on a Series B fundraising round for Savara Pharmaceuticals. Keiretsu Forum is the world's largest private equity angel investment network. Savara is an emerging specialty pharmaceutical company developing innovative pulmonary drugs for the treatment of serious and life-threatening conditions.
"The opportunity to invest in Savara Pharmaceuticals attracted many of our accredited investors, who are deeply committed to supporting products and technologies with the potential to positively impact people's lives," said Randy Williams, Founder and CEO of Keiretsu Forum. "With a solid business plan for developing an innovative and much-needed product, Savara exemplifies the type of company Keiretsu Forum members are seeking to identify and support. We are proud to have given Savara a giant leap forward and look forward to working with our members and entrepreneurs in funding other exciting enterprises."
To date, Savara has raised more than $8 million in its Series B financing, including the $3 million from the Keiretsu Forum and an additional $5.4 million conversion of bridge funding. Proceeds from Savara's Series B will support the advancement of the company's lead product, AeroVanc (vancomycin hydrochloride inhalation powder) through a Phase IIa clinical efficacy study. AeroVanc is the first inhaled antibiotic being developed for the treatment of pulmonary methicillin-resistant Staphylococcus aureus (MRSA) infection in cystic fibrosis (CF) patients. Inhaled antibiotics have become a cornerstone of treatment of persistent lung infection in CF patients, but there is currently no inhaled antibiotic available for the difficult-to-treat MRSA infection, which has become increasingly common during the past decade, affecting almost 30 percent of all CF patients.
"The Keiretsu Forum takes a disciplined approach to deal screening, in-depth due diligence and investing, enabling companies to access a large group of sophisticated investors and enabling its members to access pre-qualified deal flow," said Robert Neville, Chief Executive Officer of Savara Pharmaceuticals. "The enthusiasm Savara received has been tremendous, and we are delighted for the Keiretsu Forum's member support as we work to advance our lead program through Phase II clinical development."
About Keiretsu Forum
With 23 chapters and more than 850 accredited investor members on three continents, Keiretsu Forum (www.keiretsuforum.com) is the largest global angel investment network. Keiretsu Forum members provide early-stage capital in the range of $250,000 to $2 million per chapter to high-quality, diverse investment opportunities in technology, consumer products, healthcare/life sciences, real estate and other segments with high growth potential. Keiretsu Forum members collaborate in the due diligence, but make individual investment decisions. Membership in Keiretsu Forum is by invitation only and all members must be accredited investors.
SOURCE Keiretsu Forum