On March 15, 2021, Savara Inc., an orphan lung disease company, announced the closing of an underwritten public offering of 57,479,978 shares of its common stock, including 11,694,150 shares sold pursuant to the exercise in full by the underwriters of their option to purchase additional shares, at a price to the public of $1.45 per share. In addition, in lieu of shares of common stock, Savara sold to certain investors pre-funded warrants to purchase an aggregate of 32,175,172 shares of common stock at a purchase price of $1.449 per warrant, which represents the per share public offering price for the common stock less the $0.001 per share exercise price for each pre-funded warrant. As a result of the underwriters’ full option exercise, the aggregate gross proceeds of the offering to Savara, before deducting underwriting discounts and commissions and other offering expenses, were approximately $130.0 million. Wilson Sonsini advised Savara in the transaction.

Savara intends to use the net proceeds from the offering for working capital to support operations, including but not limited to clinical development, manufacturing, regulatory, and commercial activities related to its molgramostim nebulizer solution (molgramostim, formerly referred to as Molgradex) in autoimmune pulmonary alveolar proteinosis (aPAP) program and the IMPALA 2 trial, and general and administrative expenses.

The Wilson Sonsini team that advised Savara on the offering included Robert Suffoletta, Nathan Robinson, Emily Coskey, Alex Devine, and Nick Haenel.

For more information, please see Savara’s press release.