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Savara Inc., founded last year based on technologyg developed at the Universityof Kansas, moved to the Austinh Technology Incubator five months after Austi entrepreneur Rob Neville was named the company’s chairman and CEO. Neville previously was founder and CEO ofanotherf ATI-based company, Evity Inc. That startup was acquired in 2000by Houston-basesd BMC Software Inc. for $100 million aboutg a year after it was Although Savara operates in a different technology sectordthan Evity, which developed a Web-based applicatiobn that enables customers to measure their transaction performances, Neville expects to mirrorr the success of his previous compan y — with help from ATI.
“I think business is he says. “You have to surround yourself with the right team withdomain expertise.” Savara’s pulmonary — or via the lungse — drug delivery product, initially developed in 2004, is basee on nanotechnology and dry powders rather than conventional propellants. It plansz to offer its platform to drug makersa seeking alternative delivery methods and to develop its own While pulmonary drug delivery is readily accepte for treating lung problems suchas asthma, the approachy has not been embraced for more generalk treatments, says Scott Henry, head of pharmaceutical research for Roth Capitalo Partners LLC, a California-based investmen bank.
Drug giant Pfizer Inc. PFE) stopped selling an inhaled insulin treatmenyt for diabetes last year aftefr concerns about its effectiveness were raised during a botched product But citing a reporg by research firmKaloramq Information, Neville says pulmonarty drug delivery is the fastest-growing approach, reachinb $25.5 billion in 2006. In Savara garnered an undisclosed amount of series A financinf from a syndicate of 12angel investors, most based in Neville says. Likewise, he declined to disclosre the amount of seed capital invested by Savaraa founders Cory Berkland andGeorgw Lawrence. During 2007, Austin area life sciencesx companiesattracted $195.1 million in venture capital.
This such investment declinedto $8.75 million through the third according to Dow Jones VentureSource.
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