Coya Therapeutics sells 4,370,382 shares at $6.06 per share

Coya Therapeutics announced that it has entered into definitive securities purchase agreements for the purchase and 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. The offering is expected to close on or about December 11, 2023, subject to the satisfaction of customary closing conditions. The 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. The gross proceeds to the Company from the private placement are expected to be approximately $26.5 million, before deducting the placement agents’ fees and other offering expenses payable by the Company. 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.