A Houston biotech company closed its initial public offering at the start of 2023 with plans to advance clinical trial development.
Coya Therapeutics raised $15.25 million in a stock and warrants IPO Jan. 4. The IPO included over 3 million shares of its common stock and accompanying warrants to purchase up to 1.5 million shares of common stock, priced together at $5.
The company will trade on the Nasdaq Common Market under the symbol COYA.
After underwriting discounts, commission and offering expenses, Coya is expected to receive $13.2 million in net proceeds. The company said it will use the proceeds to advance its therapies from preclinical to human trials, for discovery and for general corporate purposes.
Coya’s stock at its highest was valued at $4.84 before noon on Jan. 3, just before the IPO’s closing. The stock was trading at $4.76 following the market’s opening on Jan. 5.
Led by Dr. Howard Berman as CEO, Coya was incorporated in late 2020 and initially raised $10 million from institutional and accredited investors. In May 2022, the company announced raising an additional $10.3 million, with the round led by Allele Capital Partners and Wilmington Capital Securities.
Coya uses technology licensed from Houston Methodist to create regulatory T-cell therapy, treating patients with neurodegenerative diseases like ALS, Alzheimer’s, Parkinson’s and frontotemporal dementia.
According to a timeline on the company’s prospectus, its COYA 101 product aimed at ALS and other neurodegenerative diseases will begin its Phase 2b, which assesses a drug's efficacy, in 2024. The company’s COYA 300 series is entering studies needed to receive approval from the Food and Drug Administration for Investigational New Drug status, a milestone needed ahead of clinical testing on humans.
SEC filings show that Coya qualifies as an “emerging growth company” as designated in the Jumpstart Our Business Startups Act, meaning the company has fewer reporting requirements for its filings than other public companies.
Coya’s Nasdaq profile shows it has six employees, which the company confirmed are based in Houston.
