Intensity Therapeutics, a Phase 2 biotech developing intratumoral injection therapies for cancer, raised the proposed deal size for its upcoming IPO on Thursday. In its latest filing, the company also disclosed financials for the three months ended March 31, 2023, and added Freedom Capital Markets as an underwriter.
Intensity Therapeutics now plans to raise $15 million by offering 3.3 million shares at a price range of $4 to $5. Insiders intend to purchase $2 million worth of shares in the offering (13% of the deal). The company would command a market value of $57 million at the midpoint. Intensity has revised the offering several times since originally setting terms in November 2021, most recently filing to raise $8 million at an $84 million market cap in January 2023. At the midpoint of the revised range, the company will raise 83% more in proceeds at a 32% lower market cap compared to its previous terms.
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.
The Westport, CT-based company was founded in 2012 and plans to list on the Nasdaq under the symbol INTS. The Benchmark Company and Freedom Capital Markets are the joint bookrunners on the deal.
