Coya Therapeutics, a clinical-stage biotechnology company based in Houston, announced the successful completion of a private placement, securing $26.5 million in gross proceeds. The private placement involved the sale of 4,370,382 shares of common stock at a price of $6.06 per share, adhering to Nasdaq’s at-the-market pricing rules. After deducting expenses, the net proceeds for Coya are expected to be approximately $24.1 million.
Coya Therapeutics Successfully Closes $26.5 Million Private Placement for Treg-Based Therapies
The funds raised through this private placement are earmarked for general corporate purposes, including covering general and administrative expenses, working capital needs, and supporting preclinical, clinical, and regulatory activities related to the development of Coya’s existing and future product candidate pipeline. The net proceeds, combined with the funds from a recently announced development agreement with Dr. Reddy’s Laboratories Ltd., are anticipated to sustain the company’s operations through 2026.
The private placement attracted participation from various investors, including former U.S. Secretary of Commerce Wilbur Ross and other existing institutional investors. Secretary Ross is set to join the Board of Directors of Coya following the completion of the private placement.
Lead placement agent BTIG, LLC, and co-placement agent Newbridge Securities Corp. played key roles in facilitating the offering. Financial advisory support was provided by Allele Capital Partners, LLC, through its executing broker-dealer, Wilmington Capital Securities, LLC, and Chardan.
Coya Therapeutics is focused on developing biologics and cell therapies designed to enhance the function of regulatory T cells (Tregs). Tregs play a crucial role in modulating the immune system and addressing conditions characterized by systemic inflammation and neuroinflammation. The company’s approach is centered on leveraging the therapeutic potential of Tregs to target various diseases, including neurodegenerative, metabolic, and autoimmune disorders.
This funding milestone marks a significant step forward for Coya Therapeutics, providing essential financial resources to advance its cutting-edge therapies through various stages of development. The private placement’s success underscores investor confidence in the company’s innovative approach and the potential of Treg-based therapies in addressing unmet medical needs.
It’s important to note that the securities offered in this private placement were conducted under the provisions of Section 4(a)(2) of the Securities Act of 1933 and/or Regulation D. As such, these securities were not registered under the Act or applicable state securities laws, limiting their sale in the United States to compliance with registration requirements or exemptions.
In conclusion, Coya Therapeutics’ recent financial accomplishment positions the company favorably to continue its pursuit of groundbreaking therapies targeting immune system modulation, contributing to advancements in the field of biotechnology.
