Coya Therapeutics, Inc. announces closing of $15.25M IPO

Coya Therapeutics, Inc., a clinical-stage biotechnology company developing proprietary therapies to enhance the function of regulatory T cells, today announced the closing of its initial public offering of 3,050,000 shares of its common stock and accompanying warrants to purchase up to 1,525,000 shares of common stock. The warrants were 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 were 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. All of the shares of common stock and warrants were offered by the Company.

The shares of common stock began trading on the Nasdaq Capital Market on December 29, 2022, under the symbol “COYA.” The warrants are not listed on any securities exchange or other nationally recognized trading system.

The Company intends to use substantially all of the net 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.

Chardan and Newbridge Securities Corporation acted as joint book-running managers for the offering. Joseph Gunnar & Co., LLC acted as a co-manager for the offering.

A registration statement on Form S-1 (File No. 333-268482) was filed with the Securities and Exchange Commission (“SEC”), which became effective on December 28, 2022. A final prospectus relating to the offering was filed with the SEC and is be available on the SEC’s website at http://www.sec.gov. The offering was made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering may be obtained from Chardan, 17 State Street, Suite 2130, New York, New York 10004, at (646) 465-9000, or at [email protected].

Lowenstein Sandler LLP represented Coya and McGuireWoods LLP represented the underwriters in the transaction. Allele Capital Partners, LLC also acted as advisor to Coya.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Business Wire