Therapy Areas: Autoimmune
Coya Therapeutics Prices USD 15.25m Initial Public Offering
29 December 2022 - - US-based clinical-stage biotechnology company Coya Therapeutics, Inc (NASDAQ: COYA) has priced its initial public offering of 3,050,000 shares of its common stock and accompanying warrants to purchase up to 1,525,000 shares of common stock, the company said.

The warrants are being offered and sold at the rate of one warrant for every two shares of common stock purchased in the offering, with each full warrant having an exercise price of USD 7.50 per share.

Each share of common stock and accompanying warrant is being sold at a combined offering price of USD 5.00, for gross proceeds of approximately USD 15.25m, before deducting underwriting discounts and offering expenses.

In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 290,000 shares of common stock and/or warrants to purchase 145,000 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount.

All of the shares of common stock and warrants are being offered by the company.

The shares of common stock are expected to begin trading on the NASDAQ Capital Market on December 29, 2022, under the symbol "COYA."

The offering is expected to close on January 3, 2023, subject to satisfaction of customary closing conditions. The warrants will not be listed on any securities exchange or other nationally recognized trading system.

Net proceeds, after underwriting discounts, commissions and estimated offering expenses, are expected to be approximately USD 13.2m.

The company intends to use substantially all of the net proceeds from the offering to advance its programs in preclinical studies into clinical trials, to advance its discovery and candidate selection stage programs, and for general corporate purposes.

Chardan and Newbridge Securities Corp. are acting as joint book-running managers for the offering. Joseph Gunnar & Co., LLC is acting as a co-manager for the offering.

Headquartered in Houston, Texas, Coya Therapeutics, Inc. (NASDAQ: COYA) is a clinical-stage biotechnology company developing proprietary treatments focused on the biology and potential therapeutic advantages of regulatory T cells to target systemic inflammation and neuroinflammation.

Dysfunctional Tregs underlie numerous conditions including neurodegenerative, metabolic, and autoimmune diseases, and this cellular dysfunction may lead to a sustained inflammation and oxidative stress resulting in lack of homeostasis of the immune system.

Coya's product candidate pipeline leverages multiple therapeutic modalities aimed at restoring the anti-inflammatory and immunomodulatory functions of Tregs.

Coya's therapeutic platforms include Treg-enhancing biologics, Treg-derived exosomes, and autologous Treg cell therapy.

Coya's 300 Series product candidates, COYA 301 and COYA 302, are biologic therapies intended to enhance Treg function and expand Treg numbers.

COYA 301 is a cytokine biologic for subcutaneous administration to enhance Treg function and expand Treg numbers in vivo, and COYA 302 is a biologic combination for subcutaneous and/or intravenous administration intended to enhance Treg function while depleting T effector function and activated macrophages.

These two mechanisms may be additive or synergistic in suppressing inflammation.

Coya's mission is focused on the advancement of innovative therapeutic approaches to address the significant unmet medical needs of patients with serious neurodegenerative, autoimmune, and metabolic diseases.
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