CHICAGO - MAIA Biotechnology, Inc. (NYSE American: MAIA), a clinical-stage biopharmaceutical company, has announced a private placement deal that will raise approximately $1 million in gross proceeds.
The company has entered into definitive agreements for the sale of 494,096 shares of common stock for $2.034 per share to accredited investors and certain company directors. Accompanying each share is a warrant to purchase an additional share at $2.26, exercisable six months post-issuance with a five-year term from the initial exercise date.
The closing of this private placement is anticipated around April 25, 2024, subject to customary closing conditions. MAIA intends to allocate the net proceeds to advance the THIO-101 trial, a pivotal study aimed at accelerated approval for treating non-small cell lung cancer (NSCLC).
The securities offered in this private placement, under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, along with the shares of common stock underlying the warrants, have not been registered under the Securities Act or any state securities laws. Consequently, they may not be offered or sold in the United States absent an effective registration statement or an exemption from the registration requirements. The securities issued to company directors are under MAIA's 2021 Equity Incentive Plan.
This transaction is not to be considered an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any jurisdiction where such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that jurisdiction.
MAIA Biotechnology focuses on developing targeted immunotherapies for cancer, with its lead program, THIO, being a potential first-in-class telomere targeting agent for the treatment of NSCLC patients with telomerase-positive cancer cells.
The information reported is based on a press release statement.
InvestingPro Insights
Amid the news of MAIA Biotechnology's private placement deal, investors may be interested in the latest financial metrics and market performance of the company. According to real-time data from InvestingPro, MAIA is currently trading at a significant premium with a Price / Book ratio of 97.84 as of the last twelve months ending Q4 2023. Despite this high valuation, the company has shown a strong return over the last three months, with a 54.79% increase in its price total return.
Investors should note that MAIA has a market capitalization of $44.25 million and has been experiencing negative earnings, reflected in a negative P/E ratio of -2.36 for the same period. This aligns with an InvestingPro Tip indicating that analysts do not expect the company to be profitable this year. Additionally, MAIA has not paid dividends to shareholders, which may be a consideration for those looking for income-generating investments.
For those interested in further analysis and metrics, InvestingPro offers additional insights, including the fact that MAIA holds more cash than debt on its balance sheet—an important indicator of financial health. To explore these and other valuable InvestingPro Tips, visit https://www.investing.com/pro/MAIA. Plus, get an extra 10% off a yearly or biyearly Pro and Pro+ subscription with the coupon code PRONEWS24. InvestingPro lists several more tips that can provide a deeper understanding of MAIA's financial and market position.
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