Savara (NSDQ:SVRA) announced today that it priced an underwritten public offering of common stock at approximately $113 million.
Austin, Texas-based Savara — an orphan lung disease treatment company with an inhaled formulation of recombinant human GM-CSF — is offering nearly 45.8 million shares of its common stock to the public for $1.45 per share, according to a news release.
In addition to those shares, Savara offered to certain existing investors pre-funded warrants to purchase nearly 32.2 million shares of common stock at $1.449 per warrant in place of shares of common stock that are available to the public.
On top of the initial common stock and warrants to purchase common stock on offer, Savara granted underwriters a 30-day option to purchase up to 11.7 million additional shares at the public offering price.
Savara expects the offering to close on March 15. It’ll use the money to support operations. The company’s work includes clinical 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.
Jefferies and Piper Sandler are acting as joint book-running managers and representatives of the underwriters for the offering. Oppenheimer & Co. is acting as the lead manager and H.C. Wainwright & Co. is acting as co-manager for the offering.