Jun 16 2010
Savara, Inc., an inhalation drug delivery company, today announced that it has been chosen by the state of Texas as the recipient of a commercialization award funded through the Texas Emerging Technology Fund (ETF). The company, which produces novel respiratory therapeutics, will receive a $1.9 million award for the commercialization of its products.
"Savara's dry-powder technology holds great potential for treating asthma, lung cancer, and other lung-based diseases," said Jack McDonald Chairman of Perficient, Inc. and Chairman of the Central Texas Regional Center of Innovation and Commercialization (RCIC). "This investment by the ETF will not only help grow our biotech industry in Central Texas but may result in new therapies that save lives."
Savara is an inhalation drug development company developing next-generation respiratory therapeutics utilizing its proprietary NanoCluster dry-powder formulation technology. NanoCluster's unique features can produce numerous patient benefits including reduced dosage, enhanced efficacy, improved safety and increased tolerability, as well as greater patient convenience.
"Texas is a leader in cutting-edge biotechnologies thanks to investments from the Texas Emerging Technology Fund that have attracted companies and top researchers to our state," said Gov. Rick Perry. "Savara's technology will help identify and treat lung cancer more quickly and efficiently, saving lives and bringing us one step closer to eliminating this deadly disease."
This award will be used to advance the development of Savara's lead project towards Investigational New Drug (IND) approval.
"We are very excited and honored to have been named a Texas Emerging Technology Fund recipient," said Rob Neville, CEO of Savara, Inc. "This milestone is important to Savara as we are now able to progress our lead therapy into the clinic."
Savara, Inc. was selected by the ETF after an extensive due diligence process based on multiple criteria including a stringent analyses of the market and financial opportunity, technology potential, management team and economic impact to Texas.
Source: http://www.savarapharma.com/