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Savara prices common stock offering; proceeds to fund lung disease drug

Austin, Texas-based Savara Inc. priced its underwritten public offering of 4,250,000 common shares at $11.50 apiece.

The company has also granted the underwriters an option to buy up to an additional 637,500 shares.

Savara said the offering is expected to close July 30.

The company plans to use the net proceeds to fund clinical development and regulatory approvals and pre-commercialization activities for its product candidates, which include Molgradex, a lung disease drug.

Proceeds from the offering will be used to fund expansion of the Molgradex nontuberculous mycobacterial, or NTM, program with a new study in the U.S. in cystic fibrosis-affected individuals with chronic NTM lung infection.

In addition, the net proceeds are expected to be used for working capital and general corporate purposes, and general and administrative expenses.

Jefferies LLC and Evercore Group LLC are acting as joint book-running managers, with Canaccord Genuity LLC and JMP Securities LLC acting as lead managers for the offering. H.C. Wainwright & Co. LLC is acting as co-manager for the offering.

Savara is a clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel therapies for the treatment of serious or life-threatening rare respiratory diseases.