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CHICAGO - MAIA Biotechnology, Inc. (NYSE American: MAIA), a clinical-stage company focusing on targeted immunotherapies for cancer, with a current market capitalization of $48.92 million, has announced a private placement deal that will see the sale of 1,810,000 common stock shares at $1.50 each to accredited investors and some of its directors. According to InvestingPro data, the company maintains a healthy cash position, with liquid assets exceeding short-term obligations. This transaction, which includes warrants attached to each share with an exercise price of $1.87, is set to close around February 20, 2025, given all customary conditions are met.
The proceeds from this private placement, totaling approximately $2.715 million before deducting offering expenses, are earmarked to finance the initial costs of Part C of the Phase II THIO-101 trial and for additional working capital needs. With a current ratio of 2.56, MAIA demonstrates solid short-term liquidity, though InvestingPro analysis indicates an overall weak financial health score.
The shares and warrants in this private placement are being offered under exemptions from registration requirements and will not be immediately available for sale in the United States unless they are registered or qualify for an exemption. The securities issued to a company director are part of MAIA’s 2021 Equity Incentive Plan.
MAIA Biotechnology’s primary focus is the development and commercialization of innovative drugs intended to significantly improve and extend the lives of cancer patients. Their lead program, THIO, is a pioneering cancer telomere targeting agent in clinical development, specifically for the treatment of NSCLC patients with telomerase-positive cancer cells. Wall Street analysts appear optimistic about MAIA’s potential, setting price targets ranging from $11.25 to $14, significantly above the current trading price of $1.85. Get deeper insights into MAIA’s financial health and growth potential with InvestingPro, which offers 8 additional key investment tips.
The company has made it clear that this press release contains forward-looking statements that involve risks and uncertainties. These statements are not guarantees of future performance and actual results may differ materially. The company does not undertake any obligation to update these forward-looking statements in the future.
This financial move is part of MAIA’s strategy to secure the necessary funding to advance its clinical trials, which could potentially lead to new cancer treatments. The information reported is based on a press release statement from MAIA Biotechnology, Inc.
In other recent news, MAIA Biotechnology Inc. has announced a series of notable developments. The company has reported promising results from its Phase 2 clinical trial, THIO-101, for the treatment of advanced non-small cell lung cancer (NSCLC). In addition, MAIA Biotech has expanded its ongoing Phase 2 trial, THIO-101, to further evaluate the efficacy of THIO in combination with Regeneron (NASDAQ:REGN)’s Libtayo® for the treatment of third-line NSCLC patients.
In a collaboration with BeiGene (NASDAQ:ONC), MAIA will conduct Phase 2 trials evaluating the efficacy of THIO in combination with the checkpoint inhibitor tislelizumab, targeting hepatocellular carcinoma (HCC), small cell lung cancer (SCLC), and colorectal cancer (CRC). On the financial front, the company has increased the maximum aggregate offering price of its shares from $11,280,000 to $30,000,000 under its existing At The Market Offering Agreement with H.C. Wainwright & Co.
MAIA Biotechnology has also updated employment agreements with key executive officers, including salary increases and revised terms. Notably, Dr. Vlad Vitoc, Chairman of the Board of Directors and Chief Executive Officer, saw his annual base salary increase from $473,000 to $625,000. These developments highlight recent strides by MAIA Biotechnology in both its clinical trials and financial strategy.
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