ALS drug maker Coya Therapeutics ( COYA ) is looking to raise $17M through an initial public offering.
Coya did not specify in writing the number or value of the shares to be issued, but they were indicated in the payment plan. that it was seeking about $17M.
The biotech company hopes to have its shares listed on the Nasdaq under the symbol COYA. Chardan and Newbridge Securities are serving as bookrunners.
The development company, Coya is operating in the red. For the nine months ended September 30, Coya reported a net loss of $9M.
Founded in Houston, Coya is developing cell-based therapies aimed at improving the function of T-cells, also known as Tregs, in the treatment of autoimmune, neurodegenerative and metabolic diseases. The company’s lead drug, COYA 101, is in Phase 2 testing for the treatment of ALS, also known as Lou Gehrig’s disease.
Coya is the latest cell phone manufacturer to make an offering. Reviving company Biostage issued a $6M funding round in late October, while Malaysian biotech CytoMed issued a $10M IPO last Friday.