MAIA Biotechnology Prices Public Offering Of 2.22 Mln Shares At $2.25/shr

(RTTNews) - MAIA Biotechnology Inc. (MAIA) announced the pricing of an underwritten public offering of 2.22 million shares of its common stock at a public offering price of $2.25 per share, for gross proceeds of about $5 million, before deducting underwriting discounts and other offering expenses.

In addition, MAIA has granted the underwriters a 45-day option to purchase up to an additional 333,300 shares of common stock to cover over-allotments at the public offering price, less the underwriting discount.

The company plans to use the net proceeds to fund the ongoing clinical trials of THIO, pre-clinical development of second-generation of telomere targeting compounds, and other research and development activities, as well as for working capital and other general corporate purposes.

The offering is expected to close on April 27, 2023.