Savara’s $100M raise fueled by lung disease win
28 Jun 2024
Phase 3Clinical ResultDrug Approval
Bolstered by positive Phase III data reported earlier this week for its experimental autoimmune pulmonary alveolar proteinosis (aPAP) treatment, Savara raised a $100-million follow-on Friday through the sale of just over 26 million shares at $3.81 each.
The firm’s molgramostim nebuliser, an inhaled formulation of granulocyte-macrophage colony-stimulating factor (GM-CSF), met the primary endpoint in the IMPALA-2 study and achieved a statistically significant 6% improvement in diffusing capacity of the lungs for carbon monoxide (DLCO) versus placebo at week 24.
Savara expects to submit a regulatory application for molgramostim to the FDA in the first half of 2025. If it reaches the market, Jefferies analysts estimate that the drug will generate peak sales in the US of over $400 million.
The company’s shares were up about 7% on Friday.
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