U.S. clinical stage company MAIA Biotechnology, Inc. has closed its initial public offering of 2,000,000 shares of the company’s common stock at a public offering price of $5.00 per share.
The gross proceeds from the initial public offering were $10 million, prior to deducting underwriting discounts, commissions, and other offering expenses. The company has granted the underwriters a 45-day option to purchase up to an additional 300,000 shares of common stock at the initial public offering price, less discounts and commissions, to cover over-allotments.
The shares of common stock began trading on the NYSE American on July 28, 2022 under the ticker symbol MAIA.
The company said it intends to use the net proceeds from the initial public offering to fund the first part of the phase 2 trials of its product candidate, THIO, pre-clinical development of second-generation of telomere targeting compounds, and other research and development activities, as well as for working capital and other general corporate purposes.
Last month, the company announced the first patient has been dosed in its phase 2 clinical trial, THIO-101, evaluating the administration of THIO, in sequence with cemiplimab, in patients with advanced non-small cell lung cancer.
“Dosing our first patient in this Phase 2 trial with THIO is an important milestone for MAIA, marking the continued development of our telomere-targeting approach,” said Vlad Vitoc, MAIA’s chairman and CEO.
“Despite the advancements made in the field with checkpoint inhibitors, monoclonal antibodies and newer immunotherapies, very limited treatment options exist for patients that have progressed beyond the standard-of-care regimens. We believe THIO has the potential to hold a significant place in the NSCLC treatment paradigm.”
About MAIA Biotechnology
MAIA is a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer. The company’s lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of patients with telomerase-positive cancers.