MAIA Biotechnology Secures $2.44 Million in Private Placement to Advance THIO Clinical Trials
Key Insights
MAIA Biotechnology has entered into definitive agreements for a $2.44 million private placement to accredited investors and company directors.
The funding involves the sale of 1,079,784 shares of common stock, each paired with a warrant to purchase an additional share.
Proceeds from the private placement will be used to fund the manufacturing of THIO for Phase II clinical trials and for working capital.
MAIA Biotechnology, Inc. (MAIA) announced it has secured $2.44 million through a private placement to accredited investors and certain company directors. The financing will support the manufacturing of THIO, MAIA's lead drug candidate, for upcoming Phase II clinical trials.
The private placement involves the sale of 1,079,784 shares of common stock at a price of $2.259 per share. Each share is offered with a warrant to purchase one additional share at an exercise price of $2.51 per share. The warrants become exercisable six months after issuance and have a five-year term.
The gross proceeds from the offering are expected to be approximately $2.44 million, before deducting offering expenses. MAIA intends to allocate the net proceeds to fund the manufacturing of THIO for Phase II clinical trials and for general working capital.
The securities are being offered under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, and have not been registered under the Securities Act or state securities laws. The private placement is anticipated to close on or about October 30, 2024, contingent upon customary closing conditions.
About THIO
THIO (6-thio-dG, 6-thio-2'-deoxyguanosine) is MAIA Biotechnology's lead program, a potential first-in-class cancer telomere targeting agent currently in clinical development for the treatment of NSCLC (search) patients with telomerase (search)-positive cancer cells. The modified nucleotide 6-thio-2-deoxyguanosine (THIO) induces telomerase-dependent telomeric DNA modification, DNA damage responses, and selective cancer cell death. THIO-damaged telomeric fragments accumulate in cytosolic micronuclei and activates both innate (cGAS/STING) and adaptive (T-cell) immune responses. The sequential treatment with THIO followed by PD-(L)1 inhibitors resulted in tumor regression in advanced, in vivo cancer models by induction of cancer type-specific immune memory. THIO is being developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.