AUSTIN, Texas, June 2, 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 pricing of an underwritten public
offering of 8,421,053 shares of its common stock at a price to the
public of $4.75 per share, with
expected gross proceeds of approximately $40.0 million. In addition, Savara has granted
the underwriters a 30-day option to purchase up to 1,263,157
additional shares of its common stock at the public offering price,
less the underwriting discounts and commissions. Zambon SpA is
purchasing 4,693,540 shares of our common stock in this offering
and will hold approximately 19.9% of our outstanding shares
immediately following this offering, assuming no exercise of the
option granted to the underwriters. The offering is expected to
close on June 7, 2017, subject to
customary closing conditions.
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 is acting as the sole book-running manager for the
offering. Canaccord Genuity Inc. and JMP Securities LLC are acting
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 preliminary
prospectus supplement related to the offering was filed with the
Securities and Exchange Commission on June
1, 2017. Copies of the final prospectus supplement and
accompanying prospectus relating to the offering may be obtained,
when available, 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 will be 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 timing of the closing of
the offering and the use of proceeds. 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, stock market
conditions and our ability to satisfy the conditions to closing in
the underwriting agreement and complete the offering. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. For a detailed description
of our risks and uncertainties, you are encouraged to review the
official corporate documents filed with the SEC. 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.
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SOURCE Savara Inc.