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Maia Biotechnology, Inc. (NYSE American:MAIA), a biotechnology company with a market capitalization of $52.7 million, announced it has entered into a stock purchase agreement with Prevail Partners, LLC to issue and sell up to $587,905 of its common stock. The agreement was signed after market close on Tuesday. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet.
Under the terms of the agreement, Maia Biotechnology will receive an upfront payment of $58,800.33 in shares, followed by 36 equal monthly payments of $14,697.33 each, also in shares. The number of shares issued for each payment will be determined based on 120% of the volume-weighted average price of Maia’s common stock on the NYSE American for the 30 trading days preceding each payment date. However, shares cannot be sold below a minimum price of $1.74 per share, which was set as the lower of the official closing price immediately prior to the agreement or the average closing price for the five trading days before the agreement’s signing.
At this minimum price, the maximum number of shares that can be issued under the agreement is capped at 337,876. The agreement also includes a provision that prevents Maia from issuing more than 19.99% of its outstanding common stock to Prevail Partners.
The shares will be issued in a private placement exempt from registration under Section 4(a)(2) and/or 3(a)(9) of the Securities Act of 1933. The proceeds from the stock sales will be used to pay for technologies and services provided by Prevail Infoworks, an affiliate of Prevail Partners. These services relate to a multicenter, open-label, randomized Phase 3 study evaluating THIO sequenced with cemiplimab (LIBTAYO) versus investigator’s choice of single-agent chemotherapy as third-line treatment for subjects with advanced or metastatic non-small cell lung cancer.
This information is based on a press release statement and a Form 8-K filing with the Securities and Exchange Commission.
In other recent news, MAIA Biotechnology has reported promising results from its Phase 2 clinical trial for ateganosine, a treatment for advanced non-small cell lung cancer (NSCLC). The trial, which involves a combination therapy with Regeneron (NASDAQ:REGN)’s cemiplimab, demonstrated a median overall survival of 17.8 months among patients resistant to standard therapies, significantly exceeding the typical 5 to 6 months seen with standard chemotherapy. Additionally, MAIA Biotechnology has announced a clinical master supply agreement with Roche to study the combination of ateganosine with Roche’s checkpoint inhibitor atezolizumab for multiple hard-to-treat cancers. Preclinical studies have shown that ateganosine works synergistically with Roche’s anti-PD-L1 agent. The company has also added two hepatocellular carcinoma (HCC) experts to its Scientific Advisory Board to guide the upcoming trial of ateganosine in HCC patients. This follows the FDA’s Orphan Drug Designation for ateganosine as a treatment for HCC, which could provide up to seven years of market exclusivity. Investors and analysts are closely monitoring MAIA’s progress towards potential FDA approval, which could significantly impact the NSCLC treatment landscape.
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