MAIA Biotechnology, a Phase 2 biotech developing targeted immunotherapies for cancer, announced terms for its IPO on Wednesday.
The Chicago, IL-based company plans to raise $10 million by offering 1.7 million shares at a price range of $5 to $7. At the midpoint of the proposed range, MAIA Biotechnology would command a fully diluted market value of $83 million.
The company's lead candidate, THIO, is expected to enter Phase 2 human trials in Australia and Europe in 2022 for Non-Small Cell Lung Cancer (NSCLC). Based on the clinical data generated by the THIO-101 trial, MAIA Biotechnology plans to seek an accelerated approval of THIO in the US for treatment of advanced NSCLC in late 2024. In addition, the company intends to start planning a trial of THIO for advanced colorectal cancer in the 1Q23.
MAIA Biotechnology was founded in 2018 and plans to list on the NYSE American under the symbol MAIA. ThinkEquity is the sole bookrunner on the deal.
