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million Series A financing according toa U.S. Securities and Exchange Commission The Austin-based company is developing an inhalation-based drug delivery systejm and will use the funds to continue development of its NanoCluster technology in the dry powdert therapeutics market. Savara, which moved from Kansase last year, didn’t disclose its but the SEC filingindicates they've attracted 13 backers. Savara was founded in 2007 with technology developed atthe . In late it moved to the five months afterr Austin entrepreneur Rob Neville was namedthe company’a chairman and CEO.
Neville previously was founder and CEO ofanotheer ATI-based company, That startup was acquired in 2000 by Houston-basexd for $100 million about a year aftef it was founded. Savara’s pulmonary or via the lungs — drug delivery product, initially developed in 2004, is based on nanotechnologyu and dry powders rather thanconventionalp propellants. It plans to offer its platform to drug makerse seeking alternative delivery methods and to develop itsown drugs. Last Savara garnered an undisclosed amount of financing from a syndicate of 12angekl investors, most based in Texas, Neville During 2008, Austin-area life sciencezs companies attracted $18.
7 million in venture capital compared with $195.1 million in 2007, accordingg to .
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