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Tech Coast Angels Contributes More Than $3 Million to $16 Million Savara Pharmaceuticals Series B
Date:3/20/2013

SAN DIEGO, March 20, 2013 /PRNewswire/ -- Tech Coast Angels (TCA), the largest and most active angel network in the United States, announced that the network contributed $3.2 million to a Savara Pharmaceuticals Series B financing. This is the largest single funding ever raised by the TCA network.

The TCA investment is part of a $16 million Series B generated through a syndication deal with three other angel networks: Keiretsu Forum, the Central Texas Angel Network (CTAN) and the North Texas Angel Network (NTAN). Angel rounds typically total between $200,000 and $1.5 million.

Savara Pharmaceuticals will use the Series B funds to support a phase IIa clinical program evaluating the efficacy of AeroVancTM (vancomycin hydrochloride inhalation powder) for the treatment of pulmonary methicillin-resistant Staphylococcus aureus (MRSA) infection in cystic fibrosis (CF) patients. AeroVanc is the first inhaled antibiotic being developed to address the growing population of MRSA-infected CF patients.

"Completing a Series B of this size with 100 percent angel money is a major accomplishment," said Sergio Gurrieri , TCA lead for the Savara financing deal. "It demonstrates TCA's increasing effectiveness at syndicating deals with other angel networks to raise larger rounds and drive innovation.

"This funding also demonstrates how angels are increasingly stepping in to support companies at later stages of development, which substantially reduces risk for investors and provides opportunities for earlier exits and liquidity," Gurrieri said.

"We are extremely pleased with our decision to seek Series B funding from TCA and other experienced angel networks," said Rob Neville , Savara Pharmaceuticals CEO. "The professionals in these organizations understood our business and the potential of our technology, and worked
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SOURCE Tech Coast Angels
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