MAIA Biotechnology announces $2.25M private placement

MAIA Biotechnology (MAIA) announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 1.73M shares of common stock at a purchase price of $1.30 per share, in a private placement to accredited investors and a company director. Each share of common stock is being offered together with a warrant to purchase one share of common stock at an exercise price of $1.57 per share. The warrants are exercisable commencing six-months following issuance and have a term of three years from the issuance date. The gross proceeds from the offering are expected to be approximately $2.25M, prior to offering expenses payable by the company. The company intends to use the net proceeds from the offering for to fund the execution of Step 1 of Part C of the Phase II trial THIO -101 and for working capital.