Savara (SVRA) Prices Public Offering of Common Stock, Warrants

Savara Inc. (Nasdaq: SVRA), an orphan lung disease company, today announced the pricing of an underwritten public offering of 45,785,828 shares of its common stock at a price to the public of $1.45 per share. As a component of the offering, in lieu of shares of common stock, Savara offered to certain existing 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. The expected gross proceeds of the offering are approximately $113.0 million. In addition, Savara has granted the underwriters a 30-day option to purchase up to 11,694,150 additional shares of its common stock at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on March 15, 2021, subject to customary closing conditions.

Savara intends to use the net proceeds from this 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.

Jefferies LLC and Piper Sandler are acting as joint book-running managers and representatives of the underwriters for the offering. Oppenheimer & Co. Inc. is acting as the lead manager and H.C. Wainwright & Co., LLC is acting as co-manager for the offering.

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