MAIA Biotechnology Announces No Exposure to Silicon Valley Bank

Rhea-AI Summary

MAIA Biotechnology, Inc. (NYSE American: MAIA) has confirmed that it has no financial exposure to Silicon Valley Bank (SVB), which is under control of the Federal Deposit Insurance Corp. due to liquidity concerns. The company does not hold any deposits or investments at SVB, Silvergate Bank, or Signature Bank. MAIA's cash is managed across top-tier financial institutions. This assurance reflects MAIA's cautious financial management amid industry uncertainties, allowing it to focus on its lead program, THIO, aimed at treating telomerase-positive cancers.

Positive

• MAIA has no exposure to Silicon Valley Bank, ensuring liquidity stability.
• Cash is managed across top-tier financial institutions, enhancing financial security.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- MAIA Biotechnology, Inc. (NYSE American: MAIA) announced today the Company has no exposure to Silicon Valley Bank (“SVB”). The Company is aware that the Federal Deposit Insurance Corp. has taken control of SVB due to liquidity concerns. The Company confirms it does not hold any deposits or investments at SVB, as well as at Silvergate Bank, or Signature Bank. MAIA’s cash is managed across a top-tier financial institution.

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 development for the treatment of patients with telomerase-positive cancers. 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, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005573/en/

Investor Inquiries

ICR Westwicke

Stephanie Carrington

Stephanie.carrington@westwicke.com

646-277-1282

Source: MAIA Biotechnology, Inc.

FAQ

What did MAIA Biotechnology announce regarding Silicon Valley Bank?

MAIA Biotechnology announced that it has no exposure to Silicon Valley Bank, which has been taken over by the Federal Deposit Insurance Corp. due to liquidity issues.

Does MAIA hold deposits at Silvergate Bank or Signature Bank?

No, MAIA confirms that it does not hold any deposits or investments at Silvergate Bank or Signature Bank.

What is MAIA's lead program in cancer treatment?

MAIA's lead program is THIO, a potential first-in-class agent for treating patients with telomerase-positive cancers.

How does MAIA manage its cash?

MAIA manages its cash across top-tier financial institutions, ensuring financial stability.

What are the risks mentioned in MAIA's press release?

The press release includes forward-looking statements with risks, but specific risks related to liquidity were mitigated by MAIA's financial management.