Intensity Therapeutics, a Phase 2 biotech developing intratumoral injection therapies for cancer, lowered the proposed deal size for its upcoming IPO on Friday. The company had previously attempted to price its IPO in November 2022, but postponed the offering.
The Westport, CT-based company now plans to raise $8 million by offering 1.8 million shares at a price range of $4 to $5. Insiders intend to purchase $3 million worth of shares in the offering (31% of the deal). The company had most recently filed to offer 2.2 million shares at the same range. At the midpoint, Intensity Therapeutics will raise 20% less in proceeds than 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. It is expected to price during the week of January 23, 2023.
