SOURCE Tech Coast Angels
Largest TCA funding to date will support clinical trials of innovative antibiotic for cystic fibrosis patients
SAN DIEGO, March 20, 2013 /PRNewswire/ -- Tech Coast Angels (TCA), the largest and most active angel network in the United States, announced that the network contributed $3.2 million to a Savara Pharmaceuticals Series B financing. This is the largest single funding ever raised by the TCA network.
The TCA investment is part of a $16 million Series B generated through a syndication deal with three other angel networks: Keiretsu Forum, the Central Texas Angel Network (CTAN) and the North Texas Angel Network (NTAN). Angel rounds typically total between $200,000 and $1.5 million.
Savara Pharmaceuticals will use the Series B funds to support a phase IIa clinical program evaluating the efficacy of AeroVancTM (vancomycin hydrochloride inhalation powder) for the treatment of pulmonary methicillin-resistant Staphylococcus aureus (MRSA) infection in cystic fibrosis (CF) patients. AeroVanc is the first inhaled antibiotic being developed to address the growing population of MRSA-infected CF patients.
"Completing a Series B of this size with 100 percent angel money is a major accomplishment," said Sergio Gurrieri, TCA lead for the Savara financing deal. "It demonstrates TCA's increasing effectiveness at syndicating deals with other angel networks to raise larger rounds and drive innovation.
"This funding also demonstrates how angels are increasingly stepping in to support companies at later stages of development, which substantially reduces risk for investors and provides opportunities for earlier exits and liquidity," Gurrieri said.
"We are extremely pleased with our decision to seek Series B funding from TCA and other experienced angel networks," said Rob Neville, Savara Pharmaceuticals CEO. "The professionals in these organizations understood our business and the potential of our technology, and worked hard to quickly generate and exceed our target investment."
Tech Coast Angels (www.techcoastangels.com) is the largest angel investor group in the United States. Its members provide funding and guidance to more early-stage, high-growth companies in Southern California than any other investment group. TCA members invest in companies in a wide range of industries, including the life sciences, biotech, IT, services, retail, Internet, financial, software, media, consumer products, and tech startups. TCA members give companies more than just capital; they also provide counsel, mentoring and access to an extensive network of potential investors, customers, strategic partners and management talent. TCA has more than 300 members, including its venture capital affiliates, in five networks in Los Angeles, Orange County, San Diego, Central Coast and the Inland Empire. More information on investment with Tech Coast Angels can be found at www.techcoastangels.com, www.facebook.com/techcoastangels or twitter.com/techcoastangels.
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