MAIA Biotechnology Announces Establishment of Rule 10b5-1 Trading Plan
CHICAGO, November 22, 2022--(BUSINESS WIRE)--MAIA Biotechnology, Inc., (NYSE American: MAIA) ("MAIA", the "Company"), a targeted therapy, immuno-oncology company focused on developing potential first-in-class oncology drugs, announced today that certain officers and directors of the Company, including Founder and Chief Executive Officer Vlad Vitoc, M.D., and leading investor and Board Member Stan Smith, Ph.D., plan to initiate additional investing in the Company’s common stock. These investments will be entered into as pre-arranged trading plans in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Rule 10b5-1 trading plans will permit the insiders to purchase shares of the Company’s common stock over a specific period of time, at times that these insiders might otherwise be precluded from doing so under insider trading laws or other trading restrictions, such as the Company’s insider trading policy. The Rule 10b5-1 trading plans will be administered by an independent broker. The amount, timing and prices of the purchases will vary based on market conditions and other factors, as well as being subject to the present parameters set forth in the plans.
"As MAIA's founder and largest shareholder, I believe that MAIA's current valuation does not fully reflect our strong business potential or our vision for long-term growth," said Dr. Vitoc. "MAIA Biotech’s assets and capabilities are some of the most innovative in the industry today, and our highly experienced management team continues to transform the industry. With our telomere targeting assets, MAIA is very well positioned in the oncology market."
"As a major shareholder and director, I have been enthusiastic about MAIA since the beginning," said Dr. Smith. "We are developing a revolutionary approach that has the potential to solve one of the great challenges plaguing humankind. Management continues to successfully steer the development of the drug candidates and of the company. I believe in the Company’s short and long-term prospects. This is why I have invested in every one of the MAIA offerings to date. And I plan to continue to invest significant sums to support the continued progress."
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.
Forward Looking Statements
MAIA cautions that all statements, other than statements of historical facts, contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as "may," "might," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "project," "intend," "future," "potential," or "continue," and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, "MAIA," "Company," "we," "our," and "us" refers to MAIA Biotechnology, Inc. and its subsidiaries.
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Chief Financial Officer