ALS drug developer Coya upsizes proposed IPO to $32M, including warrants (Pending:COYA)

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ALS drug developer Coya upsizes proposed IPO to $32M, including warrants (Pending:COYA)

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ALS drug developer Coya Therapeutics (COYA) has disclosed terms for a proposed upsized $32M initial public offering.

Coya said in a filing that it plans to offer 3M shares with warrants to buy 1.5M shares. Each share would be sold with a warrant to buy one-half of one share at the combined price of $5, a number that could likely changed. The exercise price of the warrants would be $7.50.

The biotech company said in an attached filing fee schedule that it expects the deal to raise up to $35K, including the exercise of various warrants.

Underwriters would be granted a 35-day option to buy up to 458K additional shares and/or warrants to buy up to 229K shares to cover any over-allotments. Chardan and Newbridge Securities are serving as lead bookrunners.

Coya’s board has also approved a 1-for-5.6955 reverse stock split to be conducted ahead of the offering.

Based in Houston, Coya is developing cell-based therapies aimed at enhancing the function of regulatory T-cells for the treatment of autoimmune, neurodegenerative and metabolic diseases. The company’s lead drug candidate, COYA 101, is in Phase 2 testing for the treatment of ALS.

Last month, Coya filed to raise around $17M, not including the exercise of underwriters warrants.

On Friday, fellow ALS drug developer Jupiter Neuroscience sets terms for a proposed $15M IPO. Meanwhile, biotech heavyweight Biogen (BIIB) and partner Ionis (IONS) announced Monday that European regulators had accepted their marketing application for their ALS treatment tofersen.

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