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Maia Biotechnology Seeks IPO for Cancer Treatment Development

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A quick introduction to Maia’s biotechnology

Maia Biotechnology (MAIA) has asked to raise an undisclosed amount in an IPO of its common stock, according to an S-1 registration statement.

The enterprise is a clinical stage biopharmaceuticals developing treatments for various types of cancer.

MAIA is developing a new approach to treating tumors using telomere destruction technologies.

I will provide a final opinion when we learn more details about the IPO.

Company & Technologies

Maia, based in Chicago, Illinois, was founded to develop immuno-oncology-based treatments for non-small cell lung cancer, colorectal cancer, and other types of cancer.

Management is led by Co-Founder, President, CEO and President Vlad Vitoc, MD, MBA, who has been with the company since inception and previously “managed and supported over 20 compounds in early, launch and mature, which have included targeted therapies and immune therapies in more than 25 types of cancer. ‘

Company’s lead candidate, THIO-101, prepares to enter phase 2 trials for the treatment of non-small cell lung cancer [NSCLC].

Its second candidate, THIO-102, is in Phase 2 study planning for the treatment of colorectal cancer.

Below is the current state of the company’s drug development pipeline:

Maia pipeline

The Maia oil pipeline (SEC EDGAR)

Maia booked an investment at a fair market value of $ 37.6 million as of December 31, 2021 from investors including individuals including Frank Perabo and Jerry Shay.

Maia’s market and competition

According to a 2017 market research report from Grand View Research, the global non-small cell lung cancer market was valued at approximately $ 6.2 billion in 2016 and is expected to reach $ 12 billion by the end of 2016. 2025.

This represents a Compound Annual Growth Rate (CAGR) forecast of 7.5% from 2018 to 2025.

The key drivers driving this projected growth are the increase in air pollution and the continued widespread use of cigarettes and other carcinogenic products.

Additionally, the NSCLC market has a strong pipeline of new treatments developed by a variety of biopharmaceutical companies and major pharmaceutical companies that are expected to drive market growth for years to come.

Major competitive providers providing or developing related treatments include:

  • Merck

  • Regeneron

  • Eli Lilly & Co.

  • Roche

  • Phylogenics

  • Hair Biosciences

  • ImmunoGen

  • Vincent Pharma

  • Macrogenic

  • Byondis

Financial situation of Maia’s biotechnology

The company’s recent financial results are typical of a development phase in the biopharmaceutical industry as they do not present significant R&D and G&A income and expenses.

The following are the financial results of the company for the past two calendar years:

Statement of operations

Statement of operations (SEC EDGAR)

As of December 31, 2021, the company had $ 10.6 million in cash and $ 2.1 million in total liabilities.

IPO details of Maia Biotecnologie

Maia intends to raise an undisclosed amount in gross proceeds from an IPO of its common stock, although the use of the proceeds section details at least $ 24 million in use of the proceeds upon successful completion of the IPO.

No existing shareholder has expressed an interest in purchasing shares at the IPO price.

Management says it will use the net proceeds from the IPO as follows:

approximately $ 10-15 million to fund the planned Phase 2 study of THIO for the indication of NSCLC (THIO-101);

approximately $ 2-4 million to finance the planned phase 2 trial of THIO for the CRC indication (THIO-102);

approximately $ 3-5 million to fund preclinical and IND development for two compounds targeting second generation telomeres;

the remaining proceeds to finance our other research and development activities, as well as for working capital and other general business purposes.

The net proceeds from this offering, along with our liquidity, will not be sufficient to fund any of our candidate products through regulatory approval and we will need to raise additional capital to complete the development and commercialization of our candidate products. We can meet our future cash needs through the sale of equity securities, debt financing, working capital lines of credit, corporate partnerships or licensing agreements, grant financing, interest income earned on invested cash balances, or a combination of a or more of these sources.

(Source)

The presentation by the management of the company roadshow is not available.

Regarding the pending legal proceedings, management has stated that the company is not a party to any material legal proceedings.

The only listed bookrunner of the IPO is ThinkEquity.

Comment on Maia’s IPO

MAIA is seeking public investment to fund the further development of its immuno-oncology pipeline of cancer treatment candidates.

Company’s lead candidate, THIO-101, prepares to enter phase 2 trials for the treatment of non-small cell lung cancer [NSCLC].

The market opportunity for NSCLC treatment is reasonably large and is expected to increase at a high growth rate as the global population ages and air quality remains poor in some regions.

Management has not disclosed any major collaboration agreements between pharmaceutical companies, although it plans to enter into strategic collaboration agreements with selected pharmaceutical companies with relevant immune activating therapies.

The company’s investor syndicate does not include well-known institutional venture companies in the life sciences or strategic biopharmaceutical investors.

ThinkEquity is the largest underwriter and the company-led IPOs over the past 12 months have generated a negative average return (53.1%) since their IPO. This is a lower tier performance for all major underwriters during the period.

The company is pursuing new telomere-destroying technologies that it believes promise to induce cancer-specific immune responses by the body to act against immunologically “cold” tumor types that previously did not respond to treatments with immune checkpoint inhibitors.

This appears to be a relatively new approach to treating some cancers.

When we learn more details about the IPO’s proposed pricing and valuation, I will provide a final opinion.

IPO Price Expected Date: To be announced.

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