09:10 AM EDT, 05/20/2024 (MT Newswires) -- Coya Therapeutics ( COYA ) said Monday that the Alzheimer's Drug Discovery Foundation has purchased more than 603,000 company shares at $8.29 per share for a total investment of about $5 million.

The company said the investment will help fund the development of its lead drug, COYA 302, in a phase 2 trial for frontotemporal dementia, a neurodegenerative disease.

COYA 302 is also being evaluated in multiple neurodegenerative diseases, the company added.

Coya shares were nearly 8% higher in premarket trading.

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