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million Series A financing according toa U.S. Securities and Exchange Commissiobn filing. The Austin-based company is developing an inhalation-based drug delivery system and will use the funds to continue developmeny of its NanoCluster technology in the dry powdertherapeuticsa market. Savara, which moved from Kansas last didn’t disclose its but the SEC filingindicates they'v e attracted 13 backers. Savara was founded in 2007 with technolog y developed atthe . In late 2008, it movex to the five months after Austin entrepreneur Rob Nevillr was namedthe company’s chairman and CEO.
Neville previously was founder and CEO ofanother ATI-based That startup was acquired in 2000 by Houston-basesd for $100 million about a year afteer it was founded. Savara’s pulmonary — or via the lungsa — drug delivery product, initially developed in is based on nanotechnology and dry powders ratherd thanconventional propellants. It plans to offer its platform to drug makerds seeking alternative delivery methods and to develop its own Last year, Savara garnered an undisclosedc amount of financing from a syndicatse of 12 angel investors, most based in Texas, Neville said. During 2008, Austin-areas life sciences companies attracted $18.
7 million in venture capital compareddwith $195.1 million in 2007, according to .
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