Houston biotech co. raises $11M to advance ALS drug development

drug money

Coya Therapeutics plans to scale up manufacturing and prepare for the commercialization of COYA 302, its ALS therapy drug. Photo via Getty Images

Houston-based clinical-stage biotechnology company Coya Therapeutics (NASDAQ: COYA) has raised $11.1 million in a private investment round.

India-based pharmaceuticals company Dr. Reddy’s Laboratories Inc. led the round with a $10 million investment, according to a news release. New York-based investment firm Greenlight Capital, Coya’s largest institutional shareholder, contributed $1.1 million.

The funding was raised through a definitive securities purchase agreement for the purchase and sale of more than 2.5 million shares of Coya's common stock in a private placement at $4.40 per share.

Coya reports that it plans to use the proceeds to scale up manufacturing of low-dose interleukin-2 (IL-2), which is a component of its COYA 302 and will support the commercial readiness of the drug. COYA 302 enhances anti-inflammatory T cell function and suppresses harmful immune activity for treatment of Amyotrophic Lateral Sclerosis (ALS), Frontotemporal Dementia (FTD), Parkinson’s disease and Alzheimer’s disease.

The company received FDA acceptance for its investigational new drug application for COYA 302 for treating ALS and FTD this summer. Its ALSTARS Phase 2 clinical trial for ALS treatment launched this fall in the U.S. and Canada and has begun enrolling and dosing patients. Coya CEO Arun Swaminathan said in a letter to investors that the company also plans to advance its clinical programs for the drug for FTD therapy in 2026.

Coya was founded in 2021. The company merged with Nicoya Health Inc. in 2020 and raised $10 million in its series A the same year. It closed its IPO in January 2023 for more than $15 million. Its therapeutics uses innovative work from Houston Methodist's Dr. Stanley H. Appel.

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This week's roundup of Houston innovators includes Reginald DesRoches of Rice University, Tatiana Fofanova of Koda Health, and Arun Swaminathan of Coya Therapeutics. Photos courtesy

3 Houston innovators to know this week

who's who

Editor's note: Every week, I introduce you to a handful of Houston innovators to know recently making headlines with news of innovative technology, investment activity, and more. This week's batch includes three innovators across academia and health care innovation.

Reginald DesRoches, president of Rice University

Rice University President Reginald DesRoches joins the Houston Innovators Podcast to discuss balancing tradition with growth, innovation, and global impact in education. Photo courtesy Tommy LaVergne/Rice University

How does a historic university maintain its legacy while still making room for growth and increased opportunities? That's what Rice University President Reginald DesRoches considers with every decision he makes.

"It's this idea of preserving what's special about the university, while also knowing we need to adapt to a new time, a new Rice, a new time in higher ed, and a new time in society," DesRoches says on the Houston Innovators Podcast.

"There's a healthy tension between preserving what Rice is known for — the culture of care, the close-knit community — while knowing that we need to grow, have a global impact, and position Rice on a global scale. It's something that's constantly in my mind to make sure we do both." Continue reading.

Tatiana Fofanova, CEO of Koda Health

Koda Health has a new service for the 37 million Americans living with Chronic Kidney Disease. Photo courtesy of Koda Health

Chronic Kidney Disease is expensive and common. In fact, 37 million Americans live with the condition. The winner of this year’s Houston Innovation Award for best female-founded business, Koda Health, recognized the need for help among CKD sufferers and has answered the call.

Last week, Koda Health announced the addition of Kidney Action Planning to its suite of services for patients with serious illnesses.

"Kidney Action Planning is designed to fill a significant void in CKD management," Tatiana Fofanova, CEO of Koda Health, says in a statement. "Some studies indicate greater than 70 percent of patients start dialysis in the ER suboptimally, potentially navigating a life-or-death scenario. This is both frightening and largely avoidable with an intervention like Kidney Action Planning, which helps patients better understand CKD.” Continue reading.

Arun Swaminathan, CEO of Coya Therapeutics

Coya Therapeutics appoints a new CEO to lead its innovative Alzheimer's treatment development efforts. Photo via LinkedIn

Coya Therapeutics has named a new CEO. As of Nov. 1, Arun Swaminathan replaced Co-founder Howard Berman in the role. Berman has assumed the title of executive chairman, in which he will still remain active with the company.

Swaminathan started with Coya two years ago as chief business officer. This transition was planned, says the PhD-holding scientist and businessman.

Coya Therapeutics is a publicly traded biotechnology company that is working on two novel treatments for Alzheimer's disease. Coya's therapeutics, which are currently in trials, use regulatory T cells (T regs) to target both systemic- and neuroinflammation in patients. Continue reading.

Coya Therapeutics appoints a new CEO to lead its innovative Alzheimer's treatment development efforts. Photo via LinkedIn

New CEO brings strategic vision to Houston co. advancing neurodegenerative disease treatments

Q&A

Swaminathan started with Coya two years ago as chief business officer. This transition was planned, says the PhD-holding scientist and businessman.

“(Berman's) intent was that it was the right time to put in place a CEO that, as we move into the operational phases of the company, that can take the reins from him,” he tells InnovationMap.

InnovationMap: Berman has been a very visible CEO. Will you follow suit?

Arun Swaminathan: I think it's part of the CEO’s job to be visible and to communicate the value of our company to all the stakeholders out there. So yes, I do plan to be visible as well. Obviously, Howard as the founder had elements that he talked about, the foundational stories. I obviously will be doing less of that.

IM: What was your journey from the lab to the boardroom?

AS: I have a PhD from the University of Pittsburgh. I like to say that I grew up at Bristol Myers Squibb, so I started in a clinical pharmacology group at BMS, running clinical trials, but in the cardiovascular and metabolic space.

What happened was, as I was the study director on a diabetes trial there, and the data starts coming in for these early diabetic trials, and I got highly involved with the commercial folks at BMS in starting to plan out “What does the target profile look like? How is this going to play out in the real world?” You know, the marketing teams and commercial teams start engaging when clinical data is available, because they're starting to plan for the eventual launch of the product.

That gave me a lot of exposure to the commercial side of things, and I also got a lot of experience presenting to opinion leaders and others through that role. And I said, “What I really love is that intersection between science and business.” And so I think that was my moment.

Then I moved to business development and licensing, where I helped scan the universe for assets and talk to CEOs of companies like Coya as a junior person, trying to understand if there's something that we can bring into BMS to strengthen the pipeline of BMS. So that gave me exposure to deals, how deals are structured, how you negotiate a lot of that kind of stuff.

Then I said, “Look, if I want to be a complete person in biotech, I do need to go into more true commercial roles.” So I went into commercial strategy. I was involved in the commercial strategy for what is now known as Eliquis. Was back then known as apixaban. That’s still the generic name.

Then I led marketing for Orencia, a rheumatoid arthritis drug. So I went and got both strategic and tactical marketing experience at BMS, and then I used all of that experience, rounded up. I eventually ended up co-founding a company, and that's led me to the last nine years with smaller biotech companies. So that's my evolution and path. But I think my true moment of realization was about three years into my clinical role at BMS, when I said, what I really enjoy is translating good science into commercial value, and I think that's what excites me.

IM: Why is Houston an important part of Coya's success?

AS: It is important that Coya stays in Houston, because we have a very close association with Houston Methodist, we get a lot of our work, our early research work still done through Houston Methodist, through Dr. [Stanley] Appel's lab and through other experts. We absolutely have a special research agreement with Houston Methodist, so we have a very strong reason to be in Houston. So, we do not anticipate moving out of Houston.

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This conversation has been edited for brevity and clarity.

Coya Therapeutics rang the closing bell at Nasdaq last week, celebrating six months since its IPO, new data from trials, and additions to its team. Photo via LinkedIn

Houston company with revolutionary neurodegenerative disease treatment shares milestones since IPO

ring that bell

After announcing its initial public offering earlier this year, a Houston therapeutics company has celebrated the milestone and announced recent growth as well.

Coya Therapeutics (Nasdaq: COYA) rang the closing bell last week. The clinical-stage biotech company, which has developed a biologics therapy that prevents further spreading of neurodegenerative diseases by making regulatory T cells functional again, announced the closing of its $15.25 million IPO in January.

"We launched our IPO into one of the toughest biotech capital markets in recent memory and are enormously grateful to all our investors for the confidence they then showed in our prospects," says Howard Berman, CEO and chairman of Coya, in a June 12 letter to stockholders. "I believe that to date, we’ve executed strongly against the goals we then established, and I remain excited about our future."

In the letter, Berman shares some of the recent clinical successes from two treatments — COYA 302, a treatment for ALS, and COYA 301, a treatment for Alzheimer’s Disease. Both treatments have seen strong clinical proof of concept data in the respective open-label studies.

Earlier this year, Coya expanded its C-suite to include Dr. Arun Swaminathan as chief business officer. He has over 20 years of hands-on health care business executive experience. Prior to Coya, Swaminathan served in the same role for Actinium Pharmaceuticals.

"Arun is actively engaged in exploring potential strategic opportunities across our portfolio of assets as we believe successful partnering efforts have the potential to enhance our scientific bona fides, leverage our technology into new areas of unmet medical need, and importantly, possibly secure upfront fees and associated non-dilutive funding," Berman writes in the letter. "We look forward to pursuing additional value creation catalysts that further highlight our entrepreneurialism and ability to execute, while maintaining focus on our core assets."

The latest addition to the Coya team is Guillaume Dorothée, who joins the company's scientific advisory board. A leading expert on the role that the immune system and peripheral-central immune crosstalk play in the pathophysiology of Alzheimer's, he's a tenured research director and team head in neuroimmunology at the French National Institute of Health and Medical Research in Paris.

“I am glad and honored to join such eminent scientists on the prestigious SAB of Coya Therapeutics," he says in a June 5 statement from Coya. "I am fully convinced that innovative Treg-based immunomodulatory approaches, as developed by Coya, are highly promising therapeutic strategies for the treatment of neurodegenerative disorders and other neuroinflammatory conditions. I will be happy to help Coya Therapeutics in this exciting endeavor.”

Recently, Berman joined the Houston Innovators Podcast to discuss Coya's mission and plan post IPO.

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Houston researchers develop breakthrough device that could bypass spinal injuries

breakthrough research

Scientists at Houston Methodist have announced a significant leap forward for spinal cord injury recovery.

The researchers have developed a device that essentially bypasses spinal injuries, allowing signals from previously “lost” functions to reach the brain, a new study published in Nature Communications shows.

“Most current technologies try to improve whatever function remains after a spinal cord injury,” Dr. Damiano Barone, assistant professor of neurosurgery in the Department of Neurosurgery at Houston Methodist and co-lead on the study, said in a news release. “Our goal is different. Rather than fixing the injury itself, we want to bypass it completely and create an alternative route for signals to travel.”

The study involved a single ultrathin circumferential electrode array made to conform around the spinal cord without penetrating neural tissue, which was implanted into rodent and pig models with spinal injuries. The electrode array was able to interpret motor, sensory and autonomic signals around the injury. Think of it as a set of detours that restore road access to isolated towns after a disaster destroys the highway instead of just rebuilding the highway.

Over the course of three days, the arrays detected signals of intended movement from low-frequency spinal oscillations with more than 94 percent accuracy. This worked across species and was replicated in feasibility studies on human cadavers.

This research could serve as a new foundation for neuroprosthetic implants that could restore connectivity to the 2.5 million people worldwide suffering from spinal injuries that result in loss of ability. Future development could result in everything from restored organ function to mobility, according to Houston Methodist.

George Malliaras, the Prince Professor of Technology in the Department of Engineering at the University of Cambridge, who co-led the study, sees it as a fundamental restructuring of the science of spinal trauma.

“This could represent a paradigm change in how we think about spinal cord injuries,” Malliaras said. “Instead of starting from the idea that what is lost is gone forever, this approach asks whether we can restore function by carrying the signal around the injury.”

Further work involving laboratory models will need to be completed before launching human trials.

Grants from the National Institutes of Health, Houston Methodist Katz Investigator Award, Helaers Research Award and the Engineering and Physical Sciences Research Council helped support the study. Other collaborators on the study include Salim Hadwe, Ruben Serrano, George Psaltakis, Margaux Forner, Chaeyeon Lee, Sydney Swedick, Moleca Ghnnam, Tawfique Hasan and Alejandro Carnicer-Lombarte from the University of Cambridge; and Anton Banta and Xueer Zhang from Houston Methodist.

Abbott assembles expert team to help lure U.S. Space Academy to Texas

space race

State Rep. Greg Bonnen of Friendswood has been tapped to lead a new team that will promote Texas as the future home of the U.S. Space Academy.

Bonnen, a neurosurgeon, chairs Houston Physicians’ Hospital and the powerful Texas House Appropriations Committee. His House district is close to NASA’s Johnson Space Center.

Gov. Greg Abbott appointed the seven-member team. Last month, President Trump signed an executive order establishing the Presidential Commission on the U.S. Space Academy. Commission members, who held their first meeting this month, will recommend a permanent location for the academy.

Texas officials are pushing a site near Johnson Space Center to host the academy. Alabama, Colorado and Florida are among Texas’ competitors.

In a joint statement, U.S. Sen. Ted Cruz and U.S. Rep. Brian Babin, both of Texas, issued a statement backing the state’s bid for the academy. Cruz lives in Houston. Babbin lives in Woodville, about 55 miles south of Beaumont.

“America’s space program is built across the country, but Texas is where the pieces come together,” the lawmakers said. “We are ready to lead the next generation of space pioneers and look forward to showing why Texas is the right home for the U.S. Space Academy.”

The academy’s curriculum will include technical education, leadership development and public service components. Graduates will be set up for careers in the U.S. military, civil service, and aerospace sectors.

The Abbott-appointed team will work with the Texas Space Commission to prepare the state’s proposal for the academy.

In addition to Bonnen, team members with ties to Houston include:

Robert Ambrose, who grew up in Houston. He worked at Johnson Space Center before becoming associate director of the Texas A&M Space Institute.
Former NASA astronaut Nancy Curry-Gregg, director of the Texas A&M Space Institute. She earned a doctoral degree from the University of Houston and previously worked at Johnson Space Center.
Former NASA astronaut Jack Fischer, senior vice president of Houston-based Intuitive Machines. The company builds spacecraft, delivers payloads to the moon and launches satellites.

“Texas is the home of America’s human spaceflight program,” Abbott said in a release. “No state can match what Texas brings to this mission.”

“NASA’s Johnson Space Center, world-class universities, a premier commercial space industry, major military installations, and an unmatched aerospace workforce give Texas every asset the United States Space Academy requires,” the governor added.

Houston university named No. 10 in nation and more top innovation news

Trending News

Editor's note: September sees a flurry of news for the innovation community, with one Houston university topping a nationwide ranking and one Houston-area NASA contractor poised to go public. Here are the five most-read Houston innovation headlines published September 1-15, 2026:

Houston university ranks No. 10 best in the U.S. in new 2027 report

Education ranking and review website Niche has released its 2027 rankings of the best colleges in the U.S., and Rice University leads as the No. 1 best university in Texas, and No. 10 best nationwide. Rice University ranked 10th in three national lists: Best Colleges in America, Top Private Universities, and Colleges with the Best Professors. Continue reading.

Houston-area NASA contractor plans Nasdaq IPO

Webster-based NASA contractor Rothe Development Inc. has filed paperwork with the U.S. Securities and Exchange Commission to go public. Rothe, a minority- and woman-owned business, hasn’t yet identified how many shares it will sell and how much money its IPO might raise. Rothe plans to offer Class B common stock on the Nasdaq exchange. Continue reading.

10+ can't-miss Houston business and innovation events for September

The energy transition and AI will be the talk of this town this month, thanks to a packed calendar of Houston events. September brings the return of Houston Energy and Climate Startup Week and some of its signature anchor events, plus AI conferences and talks exploring how the technology is impacting everything from healthcare to leadership. Here’s what not to miss and how to register. Continue reading.

Amazon's robotaxi service Zoox rolls out in 'sprawling' Houston market

Amazon-owned robotaxi ride-hailing service Zoox is zooming into Houston in September, becoming the latest robotaxi operator jockeying for local riders. Initially, self-driving retrofitted SUVs with safety drivers on board will serve downtown Houston, centrally located tourist hotspots, and certain residential neighborhoods. The SUVs will test Houston roads before Zoox rolls out autonomous robotaxis here, the company says. Continue reading.

10 Houston billionaires land on Forbes' 2026 list of richest Americans

The richest billionaires in America have a collective worth of $8 trillion in 2026, a staggering $1.4 trillion increase since last year, says Forbes. American billionaires are so wealthy that it now takes an unprecedented $4.4 billion net worth to be considered one of the richest people in the country. And one local billionaire has regained the title as Houston's wealthiest resident. Oil tycoon Jeffery Hildebrand, 67, now reigns as the No. 1 richest Houstonian, the 9th richest Texan, and the 88th richest person in America for 2026. Continue reading.

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