2d illustrations and photos/iStock via Getty Images
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.
Image and article originally from seekingalpha.com. Read the original article here.