MAIA Biotechnology, Inc. (NYSE American: MAIA) announced a $2.44 million private placement to fund the manufacturing of THIO for its Phase 2 THIO-101 trial in non-small cell lung cancer (NSCLC). The financing, secured through definitive agreements with accredited investors and company directors, involves the sale of 1,079,784 shares of common stock at $2.259 per share, each paired with a warrant to purchase an additional share at $2.51. The warrants become exercisable six months after issuance and have a five-year term.
The gross proceeds, before deducting offering expenses, are earmarked for the production of THIO, a potential first-in-class cancer telomere targeting agent, to support the THIO-101 trial and for general working capital. The Phase 2 trial aims to evaluate THIO's efficacy in NSCLC patients with telomerase-positive cancer cells.
Financial Details of the Private Placement
The private placement, conducted under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, is expected to close around October 30, 2024, pending customary closing conditions. The securities, including the warrants and underlying common stock, have not been registered under the Securities Act and are subject to resale restrictions.
About THIO and MAIA Biotechnology's Focus
MAIA Biotechnology is a clinical-stage biopharmaceutical company concentrating on targeted immunotherapies for cancer. Their lead program, THIO, targets cancer telomeres and is currently in clinical development for NSCLC. The company aims to develop and commercialize novel drugs that can significantly improve the lives of cancer patients.
MAIA Biotechnology cautions that statements in the press release, other than historical facts, are forward-looking and subject to risks and uncertainties. These include the progress and results of clinical studies, regulatory filings and approvals, manufacturing capabilities, market acceptance of product candidates, and intellectual property protection.
