MAIA Biotechnology announces private placement to raise $2.92M

MAIA Biotechnology disclosed that the company entered into a Securities Purchase Agreement with certain accredited investors for the issuance and sale in a private placement of 2,043,587 shares of the company’s common stock and warrants to purchase up to 2,043,587 shares of the company’s common stock at a price per share of $1.17 for an aggregate purchase price of approximately $2.4M. In addition, the board has determined it advisable and in the best interests of the company and its stockholders to allow members of the board to participate in the private placement and directors of the company executed the Purchase Agreement to subscribe for 452,731 shares of common stock and common stock purchase warrants to purchase up to 452,731 shares of the company’s common stock at a price per share of $1.17 for an aggregate purchase price of approximately $529,695. The combined gross proceeds from the offerings is expected to be approximately $2.92M, prior to deducting offering expenses payable by the company. The company intends to use the net proceeds from the offerings to fund research and development activities, such as to fund the first third of the pivotal accelerated approval Part C of the THIO-101 trial in NSCLC. The closing of the private placement is expected to occur on March 14, subject to the satisfaction of customary closing conditions.