Coya Therapeutics to sell 2.522M shares at $4.40 in private placement

Coya Therapeutics (COYA) announced that it has entered into a definitive securities purchase agreement for the purchase and sale of an aggregate of 2.522M shares of its common stock in a private placement at a price of $4.40 per share. The offering is expected to close on or about January 30, subject to the satisfaction of customary closing conditions. The investors in the offering are Dr. Reddy’s (RDY), $10M, and Greenlight Capital, an existing institutional stockholder of the company. The gross proceeds to the Company from the private placement are expected to be approximately $11.1M, before deducting offering expenses payable by the company. No broker, placement agent or investment banker was engaged in the transaction. The company intends to use the net proceeds to accelerate tech transfer and scale-up manufacturing activities for low dose IL-2 to support the commercial readiness of COYA 302.