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Solid tumor biotech Intensity Therapeutics files new terms, removes warrants ahead of $10 million IPO

September 20, 2022

Intensity Therapeutics, a Phase 2 biotech developing intratumoral injection therapies for cancer, announced new terms for its IPO on Tuesday.

The Westport, CT-based company now plans to raise $10 million by offering 2.2 million shares at a price range of $4 to $5. Insiders intend to purchase $5 million worth of shares in the offering (50% of the deal). At the midpoint of the proposed range, Intensity Therapeutics would command a fully diluted market value of $82 million.

The company originally filed for an IPO in October 2021, setting terms the following November to raise $15 million by offering 1.5 million shares at a price range of $9 to $11. The company revised the terms in December, planning to raise the same amount by offering 2.1 million shares at a range of $6 to $8. This past April, the company filed a new blank filing and disclosed that it planned to offer units with warrants attached.

The company's lead candidate, INT230-6, consists of two proven anti-cancer cytotoxic agents, cisplatin and vinblastine sulfate, mixed with the amphiphilic molecule, to aid bioavailability. In 2017, Intensity initiated a Phase 1/2 dose escalation study in the US and Canada, and has completed the Phase 1 dose escalation portion.

Intensity Therapeutics was founded in 2012 and plans to list on the Nasdaq under the symbol INTS. Roth Capital and The Benchmark Company are the joint bookrunners on the deal.  It is expected to price during the week of September 19, 2022.