MAIA Biotechnology, Inc. (NYSE American: MAIA) has successfully secured $2.44 million through a private placement, which is expected to close on or about October 30, 2024. This financial infusion will primarily support the manufacturing of THIO, MAIA's lead drug candidate, for the Phase 2 THIO-101 clinical trial in non-small cell lung cancer (NSCLC). The financing 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.
Funding Allocation and Clinical Trial
The net proceeds from this private placement are earmarked for the production of THIO, a potential first-in-class cancer telomere targeting agent. This will directly facilitate the Phase 2 THIO-101 trial, which is evaluating THIO's efficacy and safety in patients with NSCLC who have telomerase-positive cancer cells. NSCLC accounts for a significant proportion of lung cancer cases globally, and new therapeutic options are needed to improve patient outcomes.
Private Placement Details
The private placement includes participation from accredited investors and certain MAIA Biotechnology directors. The warrants issued alongside the common stock become exercisable six months after issuance and have a five-year term. The securities are offered under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, and have not been registered under the Securities Act.
MAIA Biotechnology's Focus
MAIA Biotechnology is dedicated to the development and commercialization of targeted immunotherapies for cancer. Their lead program, THIO, represents a novel approach to cancer treatment by targeting telomeres in cancer cells. The company aims to develop potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer.
