Savara (NSDQ:SVRA) announced today that it closed its previously announced public offering with proceeds reaching approximately $130 million.
Austin, Texas-based Savara last week announced the offering of 45.8 million shares of its common stock to the public for $1.45 per share, expecting proceeds of $113 million.
However, the company today said in a news release that it sold about 57.5 million shares of common stock, including nearly 11.7 million shares sold pursuant to the exercise in full by the underwriters of their option to purchase additional shares.
Additionally, the company sold pre-funded warrants to purchase an aggregate of 32.2 million shares of common stock at a purchase price of $1.449 per warrant. Jefferies and Piper Sandler acted as joint book-running managers and representatives of the underwriters for the offering. Oppenheimer & Co. acted as the lead manager and H.C. Wainwright & Co., acted as co-manager for the offering.
Savara said the net proceeds from the offering will be used to support its operations, including development, manufacturing, regulatory and commercial activities related to its molgramostim nebulizer solution (molgramostim, formerly referred to as Molgradex) for treating autoimmune pulmonary alveolar proteinosis (aPAP) — and the IMPALA 2 trial.