Mikko Lemola
Drug delivery developer Intensity Therapeutics (INTS) has disclosed more terms for a proposed $10M initial public offering.
The company said in a filing that it’s now considering offering 2.2M shares priced at $4 to $5 per share, which would generate proceeds of $10M if priced at the midpoint at $4.50 per share. Underwriters would be granted a 45-day option to buy up to 333K additional shares at the IPO price.
Intensity Therapeutics hopes to list its shares on Nasdaq under the symbol INTS. AGP is serving as sole bookrunner, with Brookline Capital Markets as co-manager of the deal.
Based in Connecticut, Intensity Therapeutics has developed drug technology that allows for cancer-fighting agents to be injected directly into tumors with a high absorption rate. The company’s lead product, INT230-6, is currently in Phase 2 clinical testing for later stage cancers and early stage breast cancer.
The company is currently operating in the red. For 2021, it reported a net loss of $8M with no revenue. Intensity Therapeutics first filed for an IPO in October 2021, seeking around $17M.
For more IPO news, check out SA’s IPO News page.
Image and article originally from seekingalpha.com. Read the original article here.