MAIA Biotechnology Announces Share Purchase by Director Stan Smith, PhD in a $2.9 Million Private Placement

MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA,” the “Company”), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announced that independent director Mr. Stan V. Smith, Ph.D. made an individual purchase of 170,940 shares of the Company’s common stock as part of the Company’s recent private placement of common stock and warrants.

On March 11, 2024, MAIA entered into a Securities Purchase Agreement with certain accredited investors for the issuance and sale in a private placement of 2,043,587 shares of the Company’s common stock, and warrants to purchase up to 2,043,587 shares of the Company’s common stock, at a price per share of $1.17. The combined gross proceeds from the private placement, closed on March 14, 2024, were approximately $2.9 million, prior to deducting offering expenses payable by the Company.

Vlad Vitoc, M.D., MAIA’s Chairman and Chief Executive Officer, commented, “The participation in our private placement from five of our independent directors points to their confidence in the science and clinical pathways for our immuno-oncology therapies targeting difficult-to-treat cancers.”

Stan V. Smith, Ph.D., added, “I have participated in every round of financing and I am a big believer in MAIA’s telomere-targeting approach to cancer and its potential to disrupt the field of research and development for cancer therapies, for the benefit of all humankind.”

Dr. Smith is president of Smith Economics Group, Ltd. in Chicago, providing economic and financial consulting nationwide. Trained at the University of Chicago and specializing in litigation economics, Dr. Smith co-authored the first textbook on the subject of economic damages. Dr. Smith has served as an adjunct professor at the University of Chicago and at DePaul University College of Law where he created the first course in the United States in forensic economics.

About MAIA Biotechnology, Inc.

MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.