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In a recent update, MAIA Biotechnology, Inc., a pharmaceutical company with a market capitalization of $43.91 million, has reduced the maximum aggregate offering price of its common stock from $30 million to $11.2 million. This adjustment was disclosed in a Form 8-K filed with the Securities and Exchange Commission on Wednesday. According to InvestingPro data, the company’s stock has declined over 10% in the past week, reflecting recent market pressures.
The Chicago-based company, which specializes in pharmaceutical preparations, has amended its At The Market Offering Agreement with H.C. Wainwright & Co. LLC, initially dated February 14, 2024. The revised offering under the new prospectus supplement, dated today, allows for the sale of shares totaling $11.2 million.
Prior to this change, MAIA Biotechnology sold approximately $6.29 million worth of shares over the past 12 months and a total of $11.63 million under the Sales Agreement. The shares will be issued in accordance with the company’s shelf registration statement on Form S-3, which was filed on August 15, 2023, and declared effective by the SEC on August 23, 2023. The registration has been updated with the current prospectus supplement as well as previous ones from 2024.
The legal opinion regarding the legality of the shares issuable under the Sales Agreement and covered by the Current Prospectus Supplement has been filed, providing legal validation for the offering.
MAIA Biotechnology is listed on the NYSE American under the ticker symbol MAIA. The company’s decision to revise the offering comes amid its ongoing efforts to manage its capital and resources effectively. This information is based on the company’s SEC filing and is intended for investors seeking the latest developments regarding MAIA Biotechnology’s financial maneuvers.
In other recent news, MAIA Biotechnology has announced the expansion of its THIO-101 Phase 2 cancer trial to include more patients with advanced non-small cell lung cancer (NSCLC). This trial will now have two arms, one evaluating THIO in combination with Libtayo and another assessing THIO as a standalone treatment. The company has also secured $2.7 million through a private placement deal, which will help finance the initial costs of Part C of the Phase II THIO-101 trial and provide additional working capital. Furthermore, MAIA Biotechnology’s lead cancer drug candidate, THIO, has received the generic name "ateganosine" from the USAN Council, marking a significant milestone in its clinical trials for NSCLC. In another development, MAIA Biotechnology reported promising preclinical data for its THIO dimer compound, which shows potential in enhancing the effectiveness of existing cancer treatments. The company has also updated employment agreements with key executives, including salary increases and revised terms, reflecting its commitment to aligning executive incentives with corporate goals. These recent developments underscore MAIA Biotechnology’s ongoing efforts in advancing cancer treatment research and clinical trials.
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