MAIA Biotechnology (NYSE:MAIA), which began trading on Thursday following its initial public offering, is climbing sharply this morning. In mid-morning trading, MAIA stock jumped 15% to $6.66.
In the last several days, there has been a trend of IPOs catching speculative attention.
MAIA Stock Price Action and Details About Its IPO
MAIA stock is surging on extremely heavy volume today. Just before 10 AM, nearly 1.6 million share of the name had already changed hands.
In its few days of action, the stock’s average daily trading volume has been about 3.86 million. On Thursday, Maia’s shares opened at $5 per share, matching the “public offering price” of its IPO. The public offering price came in at “the low end of the [IPO price] range of $5 to $7.”
The gross proceeds of Maia’s IPO were $10 million. On July 27, the firm noted that it intended to use the money raised through its IPO “to fund the first part of the Phase 2 trials of the Company’s [lead] product candidate THIO, pre-clinical development of second-generation of telomere targeting compounds and other research and development activities, as well as for working capital and other general corporate purposes.”
Maia’s Background
A potential treatment for Non-Small Cell Lung Cancer, or NSCLC, THIO is likely to enter Phase 2 trials this year. Moreover, according to Renaissance Capital, the company intends “to seek an accelerated approval of THIO in the US for treatment of advanced NSCLC in late 2024.”
Additionally, the drugmaker will seek to begin a clinical trial of THIO as a treatment for colorectal cancer in the first quarter of 2023.
Maia’s CEO is Dr. Vlad Vitoc. The company reports that Dr. Vitoc “has managed and supported over 20 early, launch, and mature stage compounds, which have included targeted therapies and immune therapies across more than 25 tumor types.”
On the date of publication, Larry Ramer held no positions in any companies mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
