Coya Therapeutics, a Phase 2 biotech developing regulatory T-cell therapies for various indications, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $15 million by offering 3.1 million shares at $5. Each share will be sold with one warrant to purchase one-half of a share, exercisable at $7.50. At the proposed price, Coya Therapeutics would command a fully diluted market value of $50 million.
Because the company plans to offer warrants, Coya Therapeutics will be excluded from Renaissance Capital's IPO stats.
The company is developing numerous Treg-based therapies focused on neurodegenerative, autoimmune, and metabolic diseases. Coya Therapeutics' sole clinical-stage candidate, COYA 101, is an autologous cell therapy for the treatment of ALS. COYA 101 completed a Phase 2a clinical trial in May 2021, and the company plans to begin a Phase 2b trial in 2024.
Coya Therapeutics was founded in 2020 and plans to list on the Nasdaq under the symbol COYA. Chardan Capital Markets and Newbridge Securities are the joint bookrunners on the deal.
