MAIA Biotechnology, Inc. (NYSE American: MAIA) announced a $2.44 million private placement to fund the manufacturing of THIO for the Phase 2 THIO-101 trial in non-small cell lung cancer (NSCLC). The financing will support the clinical development of MAIA's lead program, THIO, a potential first-in-class cancer telomere targeting agent.
The private placement involves the sale of 1,079,784 shares of common stock at $2.259 per share, along with warrants to purchase one share of common stock at an exercise price of $2.51 per share. The warrants are exercisable six months after issuance and have a five-year term. Accredited investors and certain company directors participated in the offering, which is expected to close on or about October 30, 2024, pending customary closing conditions.
THIO-101 Trial and NSCLC Treatment
The THIO-101 trial is a Phase 2 study evaluating THIO in NSCLC patients with telomerase-positive cancer cells. NSCLC represents a significant unmet medical need, accounting for a large proportion of lung cancer cases globally. THIO's novel mechanism of action, targeting cancer telomeres, offers a potential new approach to treating this disease.
MAIA Biotechnology is focused on developing targeted immunotherapies for cancer. THIO is their lead program, designed to improve and extend the lives of people with cancer by targeting telomerase-positive cancer cells. The company believes THIO has the potential to be a first-in-class drug with a novel mechanism of action.
About MAIA Biotechnology, Inc.
MAIA Biotechnology, Inc. is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Their lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells.
