Coya Therapeutics Raises $15.25 Million Initial Public Offering
December 29, 2022
Coya Therapeutics, a clinical stage biotechnology company developing therapies to enhance the function of regulatory T cells, raised $15.5 million in an initial public offering to advance a pipeline of experimental therapies designed to enhance the function of regulatory T cells.
Coya priced 3 million shares of its common stock and accompanying warrants to purchase up to 1,525,000 shares of common stock. 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 $7.50 per share. Each share of common stock and accompanying warrant is being sold at a combined offering price of $5.00, for gross proceeds of approximately $15.25 million, 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.
The shares of common stock are expected to begin trading on the Nasdaq Capital Market on December 29, 2022, under the symbol “COYA.”
The company intends to use the 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.
Coya’s proprietary treatments focused on the biology and potential therapeutic advantages of regulatory T cells (“Tregs”) 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 and target both rare and chronic neurodegenerative, autoimmune, and metabolic diseases.
Coya’s IPO brings the total number of rare disease focused therapeutics IPOs to eight, with total proceeds of $833 million as 2022 closes and an 81 percent drop from the $4.3 billion raised by 23 such IPOs in 2021.
Author: Rare Daily Staff
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