Lung cancer drug developer MAIA Biotechnology (MAIA) has proposed terms for a $10M initial public offering.
In its latest filing, MAIA said that intends to offer 1.7M shares priced between $5 and $7 per share, which would raised approximately $10M if priced at the midpoint. In its S-1 filing in April, the company indicated in its filing fee schedule that it was looking to raise around $15M.
MAIA has been approved to list its shares on NYSE under the symbol MAIA. Think Equity is serving as lead bookrunner.
The biotech company intends to use proceeds from the deal in part to help fund clinical trials for its lead drug candidate, THIO, as an immunotherapy for non-small cell lung cancer.
MAIA is still operating in the red. For 2021, the company reported a net loss of $13M with no revenue.
For a more in-depth look at MAIA, check out SA contributor Donovan Jones’s “MAIA Biotechnology Targets $10M IPO”.
Image and article originally from seekingalpha.com. Read the original article here.