MAIA Biotechnology Announces Share Purchase by Director Stan Smith, Ph.D. in Private Placement

Rhea-AI Summary

MAIA Biotechnology, Inc. announced that independent director Stan V. Smith, Ph.D., purchased 147,492 shares and warrants for 147,492 shares of MAIA's common stock as part of a recent private placement. MAIA entered into agreements for the purchase of 494,096 shares at $2.034 per share, raising approximately $1.0 million. The securities were issued pursuant to the Company's 2021 Equity Incentive Plan. Dr. Smith's purchase demonstrates support for MAIA's innovative cancer therapy approach.

• Dr. Smith has participated in every MAIA funding round

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 Stan V. Smith, Ph.D. made an individual purchase of 147,492 shares, and warrants for 147,492 shares, of MAIA’s common stock as part of the Company’s recent private placement of common stock and warrants.

On April 23, 2024, MAIA entered into definitive agreements for the purchase and sale of an aggregate of 494,096 shares of common stock at a purchase price of $2.034 per share, in a private placement to accredited investors and certain Company directors. Each share of common stock was offered together with a warrant to purchase one share of common stock at an exercise price of $2.26 per share. The gross proceeds from the offering are approximately $1.0 million, prior to offering expenses payable by the Company. The securities sold to the Company directors participating in the offering were issued pursuant to the Company’s 2021 Equity Incentive Plan.

“Our independent directors continue to show their support and conviction for our new science which utilizes a novel dual mechanism of action for cancer therapy: telomere targeting and immunogenicity,” said Vlad Vitoc, M.D., MAIA’s Chairman and Chief Executive Officer. “We especially thank Stan for his unwavering participation in every round of MAIA’s financing dating back to 2022.”

Dr. Smith recently spoke about his confidence in MAIA, stating in part, “I am a big believer in MAIA’s telomere-targeting approach to cancer and its potential to disrupt the field of research and development for cancer therapies.”

Dr. Smith is president of Smith Economics Group, Ltd. in Chicago, providing economic and financial consulting nationwide. Trained at the University of Chicago and specializing in litigation economics, Dr. Smith co-authored the first textbook on the subject of economic damages. Dr. Smith has served as an adjunct professor at the University of Chicago and at DePaul University College of Law where he created the first course in the United States in forensic economics.

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.

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Investor Relations

+1 (872) 270-3518

ir@maiabiotech.com

Source: MAIA Biotechnology, Inc.

FAQ

How many shares did Director Stan Smith purchase in the private placement at MAIA?

Director Stan Smith purchased 147,492 shares and warrants for 147,492 shares of MAIA's common stock.

What was the purchase price of MAIA's common stock in the private placement?

The purchase price of MAIA's common stock in the private placement was $2.034 per share.

How much did MAIA raise through the private placement of common stock and warrants?

MAIA raised approximately $1.0 million through the private placement of common stock and warrants.

What type of therapy is MAIA developing for cancer treatment?

MAIA is developing targeted immunotherapies for cancer treatment.

What is the role of Dr. Stan Smith in MAIA's recent private placement?

Dr. Stan Smith purchased shares of MAIA's common stock as part of the recent private placement, showing support for the company's cancer therapy approach.