Intensity Therapeutics, a Phase 2 biotech developing intratumoral injection therapies for cancer, raised $20 million by offering 3.9 million shares at $5, the high end of the range of $4 to $5. The company offered 0.7 million more shares than anticipated.
Intensity Therapeutics originally filed for an IPO in October 2021 and set terms the following November, planning to offer 1.5 million shares at a range of $9 to $11. The company had revised the terms several times since then, most recently this past May.
Intensity'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 plans to list on the Nasdaq under the symbol INTS. The Benchmark Company and Freedom Capital Markets acted as joint bookrunners on the deal.
