Intensity Therapeutics, a Phase 2 biotech developing intratumoral injection therapies for cancer, raised the proposed deal size for its upcoming IPO on Friday.
The Westport, CT-based company now plans to raise $8 million by offering 1.8 million shares at $4.50. Insiders intend to purchase $3 million worth of shares in the offering (31% of the deal). The company had most recently filed to offer the same number of shares at a range of $4 to $5. At the revised terms, Intensity Therapeutics will raise the same amount in proceeds as previously anticipated.
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. It is also evaluating INT230-6 in a randomized Phase 2 study in Canada as a treatment prior to surgery in early stage breast cancer, and as of 12/31/22, enrollment is complete.
Intensity Therapeutics was founded in 2012 and plans to list on the Nasdaq under the symbol INTS. The Benchmark Company is the sole bookrunner on the deal.
