MAIA Biotechnology Announces Share Purchase by Director Adelina Louie in Private Placement

Rhea-AI Summary

MAIA Biotechnology, Inc. announced that director Adelina Louie purchased 19,665 shares and warrants in a private placement of common stock, showing confidence in the company's mission of developing cancer immunotherapies. Louie, a top MAIA investor, has a background in finance and banking, with 30 years of experience at HSBC Group.

Positive

• Director Adelina Louie's significant purchase of MAIA stock and warrants demonstrates confidence in the company's cancer immunotherapy development.

• Long-term stockholders and directors participating in the private placement reflect continued support for MAIA's growth and mission.

Negative

• While the purchase by Ms. Louie is positive, the need for private placements to raise capital may indicate financial challenges for MAIA.

• Original seed investor has remained top MAIA stockholder

CHICAGO--(BUSINESS WIRE)-- MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announced that independent director Ms. Adelina Louie Ngar Yee made an individual purchase of 19,665 shares, and warrants for 19,665 shares, of MAIA’s common stock as part of the Company’s recent private placement of common stock and warrants to accredited investors and certain Company directors. The securities sold to the Company directors participating in the offering were issued pursuant to the Company’s 2021 Equity Incentive Plan.

Vlad Vitoc, M.D., MAIA’s Chairman and Chief Executive Officer, commented, “As a top investor in MAIA, we extend our deep appreciation to Adelina for both her longstanding support as director and for her participation in this offering alongside director Stan Smith and other long-term stockholders.”

In previous public remarks, Ms. Louie stated her belief that MAIA is at the critical point of bringing life-changing therapies to large populations of cancer sufferers.

Ms. Louie has 30 years of service with HSBC Group in a variety of functions, principally with businesses of Global Banking and Markets including investment and securities management, asset management, and global research. Most recently she was the Chief Operating Officer of Internal Audit at HSBC Group.

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, 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/20240430225198/en/

Investor Relations Contact

+1 (872) 270-3518

ir@maiabiotech.com

Source: MAIA Biotechnology, Inc.

FAQ

How many shares did director Adelina Louie purchase in MAIA's private placement?

Director Adelina Louie purchased 19,665 shares and warrants in MAIA's private placement.

What is the background of director Adelina Louie?

Director Adelina Louie has 30 years of experience in finance and banking, primarily with HSBC Group.

What is the purpose of the private placement of common stock and warrants by MAIA?

The private placement aims to raise capital through accredited investors and certain company directors.