MAIA Biotechnology, Inc. (NYSE American: MAIA) has announced a private placement expected to raise approximately $950,000 to fund the manufacturing of THIO for Phase II clinical trials. The financing, completed in December 2024, involves the sale of 507,364 shares of common stock at $1.872 per share to accredited investors and company directors, each accompanied by a warrant to purchase an additional share at $2.08.
The company followed up in February 2025 with another private placement, securing $2.715 million to fund the starting costs for Part C of the Phase II trial THIO-101.
Funding Details and Utilization
The initial private placement included warrants exercisable after six months with a five-year term. MAIA intends to use the net proceeds to advance THIO, its lead drug candidate, through Phase II clinical trials. The securities were offered under Section 4(a)(2) of the Securities Act and Regulation D.
The second private placement involved the sale of 1,810,000 shares of common stock at $1.50 per share, along with warrants to purchase additional shares at $1.87 per share. These warrants are exercisable one year following issuance and have a six-year term.
THIO: A Novel Telomere-Targeting Agent
THIO is being developed as a potential first-in-class cancer telomere targeting agent. It is currently in clinical development for the treatment of non-small cell lung cancer (NSCLC) patients with telomerase-positive cancer cells. Telomerase, an enzyme that maintains telomeres, is highly active in cancer cells, making it an attractive therapeutic target.
Clinical Development and Future Plans
MAIA Biotechnology is focused on developing and commercializing targeted immunotherapies for cancer. The Phase II trial THIO-101 is a crucial step in evaluating the efficacy and safety of THIO. The company believes that THIO's novel mechanism of action has the potential to significantly improve outcomes for cancer patients.
MAIA's strategic focus on targeted therapies and immunotherapies, combined with the advancement of THIO, positions it to address unmet needs in cancer treatment. The company continues to seek opportunities to expand its pipeline and develop innovative therapies for various cancer types.
