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Coya Therapeutics Announces Closing of $26.5 Million Private Placement
HOUSTON--(BUSINESS WIRE)-- Coya Therapeutics, Inc. (Nasdaq: COYA) (“Coya” or the “Company”), a clinical-stage biotechnology company developing biologics and
About this update from Coya Therapeutics, Inc.
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nCoya Therapeutics, Inc. (Nasdaq: COYA) (“Coya” or the “Company”), a clinical-stage biotechnology company developing biologics and cell therapies intended to enhance the function of regulatory T cells (“Tregs”), announced today the closing of the sale of an aggregate of 4,370,382 shares of its common stock at a purchase price of $6.06 per share of common stock, in a private placement priced at-the-market under Nasdaq rules.\n\n\nThe gross proceeds to the Company from the private placement were $26.5 million and net proceeds are expected to be approximately $24.1 million. The Company intends to use the net proceeds for general corporate purposes, including general and administrative expenses, working capital and to support preclinical, clinical, and regulatory activities related to the Company’s existing and future product candidate pipeline. The net proceeds from this offering, together with the proceeds from the Company’s recently announced development agreement with Dr. Reddy’s Laboratories Ltd., are anticipated to fund the Company’s operations into 2026.\n\n\nThe financing included participation by former U.S. Secretary of Commerce Wilbur Ross and other existing institutional investors. Secretary Ross is expected to join the Board of Directors of Coya after the closing of the private placement.\n\n\nBTIG, LLC acted as the lead placement agent and Newbridge Securities Corp. acted as co-placement agent for the offering. Allele Capital Partners, LLC, through its executing broker-dealer, Wilmington Capital Securities, LLC, and Chardan acted as financial advisors to the Company.\n\n\nThe securities described above were offered and sold in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and/or Regulation D promulgated thereunder and were not registered under the Act, or applicable state securities laws. Accordingly, the securities issued in the private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.\n\n\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these secur...