Full Press Release Details
Biotechnology Announces Private Placement of $2,715,000
- February 18, 2025 - MAIA Biotechnology, Inc., (NYSE American: MAIA) ("MAIA", the "Company"), a clinical-stage
biopharmaceutical company developing targeted immunotherapies for cancer, today announced that it has entered into definitive agreements
for the purchase and sale of an aggregate of 1,810,000 shares of common stock at a purchase price of $1.50 per share, in a private
placement to accredited investors and certain Company directors. Each share of common stock is being offered together with a warrant
to purchase one share of common stock at an exercise price of $1.87 per share, which price represents the greater of the book or market
value of the stock on the date the definitive agreements were executed (subject to customary adjustments as set forth in the warrants).
The warrants are exercisable commencing one year following issuance and have a term of six years from the initial issuance date. The
securities being sold to the Company director participating in the offering are being issued pursuant to the Company's 2021 Equity
Incentive Plan. The private placement is expected to close on or about February 20, 2025, subject to the satisfaction of customary closing
gross proceeds from the offering are expected to be $2,715,000, prior to offering expenses payable by the Company. The Company
intends to use the net proceeds received from the private placement to fund the starting cost for Part C of the Phase II trial THIO -101
and for working capital.
securities described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the
"Securities Act"), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants,
have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the warrants and underlying shares
of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act and such applicable state securities laws.
press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale
of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state or other jurisdiction.
MAIA Biotechnology, Inc.
is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with
novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is
THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive
cancer cells. For more information, please visit www.maiabiotech.com.
cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements.
Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry's
actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements.
The use of words such as "may," "might," "will," "should," "could," "expect,"
"plan," "anticipate," "believe," "estimate," "project," "intend,"
"future," "potential," or "continue," and other similar expressions are intended to identify forward
looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements
we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and
development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing
or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates
and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth
potential of the markets for our product candidates and our ability to serve those markets, (vii) our expectations regarding our ability
to obtain and maintain intellectual property protection for our product candidates; (viii) the completion of the offering and (ix) the
satisfaction of customary closing conditions related to the offering, are forward looking. All forward-looking statements are based on
current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain.
Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable
at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to
risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed
in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation
to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except
as required by law. In this release, unless the context requires otherwise, "MAIA," "Company," "we,"
"our," and "us" refers to MAIA Biotechnology, Inc. and its subsidiaries.