SAVARA Inc. (NASDAQ: SVRA) stock jumped high in the last trading, close by 15.82%, whereas the SVRA stock rises by 12.68% during the pre-market after announcing the closing of a $130 million public offering. SVRA is a pharmaceutical orphan lung disease company that deals with the development of efficient therapies to treat severe or life-threatening rare respiratory diseases. Currently, molgramostim is its lead program in its phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP). SAVARA has its expertise in orphan drug development and pulmonary medicine to fulfill the unmet requirements.
What is happening?
SAVARA Inc. has today announced the completion of its previously announced underwritten public offering of 57,479,978 shares of its common stock, including 11,694,150 shares sold after the underwriters exercised their option to buy additional shares, at a public offering price of $1.45 per share.
The net capital generated from this offering will be used to support SAVARA’s operations, including clinical research, production, regulatory, and commercial activities related to its molgramostim nebulizer solution (molgramostim, formerly known as Molgradex) in autoimmune pulmonary alveolar proteinosis (aPAP) program. The capital will also be used to support the IMPALA 2 trial and fulfill the general and administrative expenses.
Other Recent Developments
- Another positive development follows the rise in SVRA stock price: Piper Sandler initiated coverage on the stock with an overweight rating and a price target of $7 per share.
- Also, the insiders are continuously buying the SVRA stock; the most recent insider purchase was by Director Ramsay, who has bought 689,655 shares in SVRA for $1,000,000. This has doubled his share count to 811,797 shares
