MAIA Biotechnology Announces Closing of $4 Million Registered Direct Offering
November 17 2023 - 3:52PM
Business Wire
MAIA Biotechnology, Inc. (NYSE American: MAIA) (“MAIA” or the
“Company”), a clinical-stage biopharmaceutical company developing
telomere-targeting immunotherapies for cancer, today announced that
it has closed its previously announced registered direct offering
for the issuance and sale of an aggregate of 2,424,243 of its
shares of common stock at a purchase price of $1.65 per share. In a
concurrent private placement, MAIA also issued and sold
unregistered warrants to purchase up to an aggregate of 2,424,243
shares of its common stock.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The unregistered warrants have an exercise price $1.86 per
share, become exercisable six months following issuance and will
expire five and one-half years from the date of issuance.
The gross proceeds to MAIA from the offering were approximately
$4 million, before deducting the placement agent’s fees and other
offering expenses payable by the Company. MAIA currently intends to
use the net proceeds from the offering for working capital and
general corporate purposes as well as to fund research and
development activities.
The shares of common stock offered in the registered direct
offering (but excluding the unregistered warrants offered in the
concurrent private placement and the shares of common stock
underlying such unregistered warrants) were offered and sold by the
Company pursuant to a “shelf” registration statement on Form S-3
(Registration No. 333-273984), including a base prospectus,
previously filed with the Securities and Exchange Commission (SEC)
on August 15, 2023 and declared effective by the SEC on August 23,
2023. The offering of the shares of common stock issued in the
registered direct offering was made only by means of a prospectus
supplement that forms a part of the registration statement. A final
prospectus supplement and an accompanying base prospectus relating
to the registered direct offering was filed with the SEC and is
available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the final prospectus supplement and
accompanying base prospectus may also be obtained by contacting
H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New
York, NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
The offer and sale of the unregistered warrants in the private
placement were made in a transaction not involving a public
offering and have not been registered under Section 4(a)(2) of the
Securities Act of 1933, as amended (the “Securities Act”) and/or
Rule 506(b) of Regulation D promulgated thereunder and, along with
the shares of common stock underlying such unregistered warrants,
have not been registered under the Securities Act or applicable
state securities laws. Accordingly, the unregistered warrants
offered in the private placement and the underlying shares of
common stock may not be reoffered or resold 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.
This 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 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 jurisdiction.
About MAIA Biotechnology, Inc.
MAIA 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.
Forward Looking Statements
MAIA 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, and (viii) the anticipated use of proceeds from
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, including market and other conditions, 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.
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