ALS drug developer Coya Therapeutics (COYA) has proposed to raise $17M through an initial public offering.
Coya didn’t specify in its filing the number or price of the shares to be offered, but indicated in an attached filing fee schedule that it was seeking around $17M.
The biotech company hopes to have its shares listed on Nasdaq under the symbol COYA. Chardan and Newbridge Securities are serving as lead bookrunners.
A development stage company, Coya is operating in the red. For the nine-month period ended Sept. 30, Coya reported a net loss of $9M with no revenue.
Based in Houston, Coya is developing cell-based therapies aimed at enhancing the function of regulatory T-cells, also called Tregs, 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, also known as Lou Gehrig’s disease.
Coya is the latest cell therapy developer to file for an offering. Regenerative medicine company Biostage filed for an uplisting and $6M offering in late October, while Malaysian biotech CytoMed filed for a $10M IPO last Friday.