MAIA Biotech director buys shares in private placement
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CHICAGO – MAIA Biotechnology, Inc. (NYSE American: MAIA), a clinical-stage company focusing on immunotherapies for cancer, recently completed a private placement stock sale. On March 14, 2024, the company disclosed the sale of 2,043,587 shares and corresponding warrants, generating approximately $2.9 million before expenses. Notably, independent director Mr. Stan V. Smith, Ph.D., purchased 170,940 shares as part of this transaction.
The private placement price was set at $1.17 per share. This strategic move was supported by five of MAIA’s independent directors, signaling their confidence in the company’s scientific and clinical strategies, particularly in the realm of immuno-oncology therapies for challenging cancer types.
Dr. Smith, an economist with a focus on litigation economics and a history of teaching at the University of Chicago and DePaul University College of Law, has been involved in all MAIA funding rounds. He expressed strong belief in the company’s approach to targeting telomeres in cancer treatment, emphasizing the potential impact on cancer research and therapy development.
MAIA’s lead product, THIO, is a telomere targeting agent in clinical trials for non-small cell lung cancer with telomerase-positive cancer cells. The company aims to offer first-in-class drugs with novel mechanisms that significantly improve and extend the lives of cancer patients.
The information provided in this article is based on a press release statement from MAIA Biotechnology, Inc.
