AUSTIN, Texas, June 7, 2017 /PRNewswire/ -- Savara Inc.
(NASDAQ: SVRA), 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, today announced the closing of an underwritten public
offering of 9,034,210 shares of its common stock at a price to the
public of $4.75 per share, which
included 613,157 shares upon the partial exercise of the
underwriters' option to purchase additional shares of Savara common
stock at the public offering price, less the underwriting discounts
and commissions. Zambon SpA purchased 4,693,540 shares of Savara's
common stock in this offering and holds approximately 19.4% of
Savara's outstanding shares following the closing. The aggregate
gross proceeds from the offering, before deducting the underwriting
discounts and commissions and offering expenses, were approximately
$42.9 million.
Savara intends to use the net proceeds from this offering for
working capital and general corporate purposes, which include, but
are not limited to, the funding of clinical development of and
pursuing regulatory approval for its product candidates, and
general and administrative expenses.
Jefferies LLC acted as the sole book-running manager for the
offering. Canaccord Genuity Inc. and JMP Securities LLC acted as
the lead managers for the offering.
A shelf registration statement (File No. 333-202960) was filed
with the Securities and Exchange Commission on August 12, 2015, and declared effective on
August 19, 2015. A final prospectus
supplement related to the offering was filed with the Securities
and Exchange Commission on June 5,
2017. Copies of the final prospectus supplement and
accompanying prospectus relating to the offering may be obtained by
contacting Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at
877-547-6340 or by email at Prospectus_Department@Jefferies.com. An
electronic copy of the final prospectus supplement and accompanying
prospectus relating to the offering are available on the website of
the Securities and Exchange Commission at www.sec.gov.
This 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.
Forward Looking Statements
Savara cautions you that statements in this press release that are
not a description of historical fact are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words referencing future events or circumstances such as "expect,"
"intend," "plan," "anticipate," "believe," and "will," among
others. Such statements include, but are not limited to, statements
relating to the offering, including the use of proceeds of the
offering. Savara may not actually achieve any of the matters
referred to in such forward looking statements, and you should not
place undue reliance on these forward-looking statements. Because
such statements are subject to risks and uncertainties, actual
results may differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
are based upon Savara's current expectations and involve
assumptions that may never materialize or may prove to be
incorrect. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties, which
include, without limitation, our actual cash and spending needs.
All forward-looking statements are expressly qualified in their
entirety by these cautionary statements. For a detailed description
of our risks and uncertainties, you are encouraged to review our
documents filed with the SEC including our recent filings on Form
8-K, 10-Q and 10-K. You are cautioned not to place undue reliance
on forward-looking statements, which speak only as of the date on
which they were made. Savara undertakes no obligation to update
such statements to reflect events that occur or circumstances that
exist after the date on which they were made, except as may be
required by law.
About Savara
Savara Inc. 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. Savara's pipeline comprises Molgradex, a Phase 3 stage
inhaled granulocyte-macrophage colony-stimulating factor, or
GM-CSF, AeroVanc, an inhaled vancomycin in preparation for Phase 3,
and Aironite, an inhaled sodium nitrite solution in Phase 2
development. Savara's strategy involves expanding its pipeline of
potentially best-in-class products through indication expansion,
strategic development partnerships and product acquisitions, with
the goal of becoming a leading company in its field. Savara's
management team has significant experience in orphan drug
development and pulmonary medicine, in identifying unmet needs,
creating and acquiring new product candidates, and effectively
advancing them to approvals and commercialization.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/savara-announces-closing-of-public-offering-of-common-stock-300470639.html
SOURCE Savara Inc.