Business
Coya Therapeutics, Inc. Provides Business Update and Reports FY 2022 Unaudited Financial Results
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 function of Regulatory T Cells (Tregs) function, today announced its financial results for fiscal year ended December 31, 2022, and provided a clinical and business update.\n\nFY 2022 and Early 2023 Highlights\n\n\nIn March 2023, the Company announced positive results from a proof-of-concept, open-label academic clinical study of COYA 302 in Amyotrophic Lateral Sclerosis (ALS). Study data were presented at the 2023 Muscle Dystrophy Association Conference;\n\n\nIn March 2023, Coya entered into a worldwide agreement with Dr. Reddy’s Laboratories Limited. (NYSE: RDY), to in-license Dr. Reddy’s proposed Abatacept biosimilar and to out-license COYA 301, the Company’s low dose Interleukin 2 (IL-2) product candidate to Dr. Reddy’s Laboratories for the development of COYA 302, the Company’s combination product candidate for the treatment of certain neurodegenerative diseases;\n\n\nExpanded its exclusive worldwide licensing agreement with ARScience Biotherapeutics for development and commercialization of COYA 301;\n\n\nReported preclinical data in an animal model of Alzheimer’s disease supporting the role of expanded Regulatory T Cells (Tregs) as a target for development of potential disease modifying treatments for this form of dementia;\n\n\nPriced an Initial Public Offering on December 28, 2022, closed that IPO on January 3, 2023, and upon exercise on January 25, 2023, of the underwriters’ overallotment raised aggregate gross proceeds of approximately $16.4 million and net proceeds of $14.5 million;\n\n\nCommon stock began trading on the Nasdaq Capital Market on December 29, 2022, under the symbol “COYA.”\n\n\n“Since our initial public offering in December 2022, we believe Coya has demonstrated strong execution of our key drug pipeline programs. Most recently, we announced positive clinical data for COYA 302 for the treatment of ALS in a four-patient, investigator-initiated trial. The data showed that Coya 302 halted disease progression over 6 months in the study patients and that those patients had only minimal decline over 12 months. Prior to study initiation, patients had an average rate of decline of -1.1 ALSFRS-R points per month,” stated ...