Savara Closes Second Tranche of Series A Financing Round, Receives Allowance for Base Patent
Published: Dec 16, 2009
AUSTIN, Texas, Dec. 16 /PRNewswire/ -- Savara, Inc., an inhalation drug delivery company, today announced that it has closed the second tranche in its Series A financing round, exceeding the targeted total raise amount of $1.4 million.
Funds raised in the Series A round will be utilized to continue the development of the NanoCluster technology.
"We now have the runway and resources to effectively demonstrate the scalability and performance of the NanoCluster technology," said Rob Neville, CEO of Savara.
The company also announced that it has received patent allowance from the United States Patent and Trademark Office (USPTO) for its core NanoCluster technology. The patent covers its unique formulation of inhalation particles that are composed of drug nanoparticles agglomerated together (US Patent No. 11/610,986).
"Allowance on our base patent is a significant milestone in our company's history. This proprietary position is strategically important to Savara and our partners as we utilize the NanoCluster technology to improve patient health in areas of unmet need," said Neville.
About Savara's NanoCluster Technology
Particle size is critical for pulmonary drug delivery, and the ability to obtain particle sizes in the range of 1-3 microns has the potential to improve the efficacy of existing and new drug therapies. Savara's NanoCluster technology utilizes nanotechnology to formulate high performance inhalation powder without the need for novel excipients or carrier particles. Savara's NanoClusters are modeled after naturally occurring aerosols, which are highly effective in reaching the peripheral lung. These aerodynamics enable high drug concentrations in specific regions of the lung, independent of the inhalation flow rate. Savara expects that NanoCluster's unique features will enable products that are currently difficult or impossible to develop using conventional inhalation powders.
About Savara, Inc.
Savara, Inc. (www.savarapharma.com) is a drug delivery company based in Austin, Texas and a member of the Austin Technology Incubator. Savara has an exclusive license to the NanoCluster technology from the University of Kansas. Savara's NanoCluster technology is currently available for evaluation and licensing.
Contact Information Media: Ian Stone Russo Partners, LLC (619) 528-2220 Ian.Stone@russopartnersllc.com
Partners & Investors: Rob Neville (512) 961-1891 x2 firstname.lastname@example.org