Savara Pharmaceuticals probably could have gotten venture capital backing as it plans to run a Phase II trial for AeroVanc, its dry-powder inhalation formulation of vancomycin intended to treat MRSA infections in cystic fibrosis patients. But funded mainly by angel investors in its Series A, the Austin, Texas-based biotech decided to stay the course, and raised an over-subscribed $16 million Series B round mostly from new and existing angel investors.
In planning its Series B financing over the past year, Savara executives considered VC backing and talked with venture firms