Savara Raises $100 Million in Underwritten Offering

Savara Inc. (NASDAQ: SVRA) has announced the pricing of an underwritten offering of 26,246,720 shares of its common stock at a price of $3.81 per share, resulting in total gross proceeds of approximately $100.0 million. The offering is expected to close on July 1, 2024.

The company's lead program, molgramostim nebulizer solution, is an inhaled granulocyte-macrophage colony-stimulating factor (GM-CSF) in phase 3 development for autoimmune pulmonary alveolar proteinosis (APAP). This program is delivered via an investigational eFlow® nebulizer system specifically developed for inhalation of a large molecule.

Savara's existing shelf registration statement (file no. 333-279274) was declared effective on May 21, 2024, and the company is offering all of the securities in the underwritten offering.

The underwritten offering includes the participation of several notable investors, such as Bain Capital Life Sciences, Farallon Capital Management, Frazier Life Sciences, Wellington Management, Nantahala Capital, TCGX, and First Light Asset Management.

Jefferies, Piper Sandler, and Guggenheim Securities are acting as joint book-running managers for the offering, with Oppenheimer & Co. serving as the lead manager.

Savara's management team has significant experience in rare respiratory diseases and pulmonary medicine, with a focus on identifying unmet needs and effectively advancing product candidates to approval and commercialization.

The company's press release does not constitute an offer to sell or the solicitation of offers to buy any securities of Savara and shall not constitute an offer, solicitation, or sale of any security in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Following these announcements, the company's shares moved 7.2%, and are now trading at a price of $4.08. For more information, read the company's full 8-K submission here.

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