Andrey Tolkachev
Oncology drug developer (Intensity Therapeutics)Nasdaq: INTS) increased its proposed initial public offering to $15 million from $8 million.
The biotech company said in an filing that it is now considering offering 3.25 million shares priced between $4 and $5, which would raise about $15 million if priced at midpoint. Underwriters will be given a 45-day option to purchase up to an additional 488,000 shares at the IPO price to cover any further allotments.
In January, Intensity Therapeutics said it was looking to raise about $8 million by offering 1.78 million shares at $4.50 per share.
Intensity Therapeutics hopes to list its shares on the Nasdaq Stock Exchange under the symbol INTS. Benchmark and Freedom Capital Markets act as joint managers for the transaction, according to his latest files.
Based in Connecticut, Intensity Therapeutics has developed a drug technology that allows cancer-fighting agents to be injected directly into tumors at a high absorption rate. The company’s flagship product, INT230-6, is currently in Phase II clinical testing for soft tissue sarcoma and breast cancer. It is also being jointly tested with Merck’s (MRK) Keytruda and Bristol-Myers Squibb’s (BMY) Yervoy.
Intensity Therapeutics first filed for IPO in October 2021, Search for about $17 million.
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