Intensity Therapeutics, an oncology drug developer based in Connecticut, experienced a significant boost in its stock price following a successful initial public offering (IPO). The company raised $20 million through the IPO, with its stock jumping 18% on the NASDAQ exchange.
The IPO consisted of 3.9 million shares priced at $5 per share, which was at the upper end of the company’s previously stated range of $4 to $5. Underwriters were also granted a 45-day option to purchase up to an additional 585,000 shares at the IPO price to cover any over-allotments.
The lead bookrunners for the IPO were The Benchmark Co. and Freedom Capital Markets. Intensity Therapeutics specializes in drug technology that allows cancer-fighting agents to be injected directly into tumors, resulting in a high absorption rate. The company’s lead product, INT230-6, is currently in Phase 2 clinical testing for soft tissue sarcoma and breast cancer. It is also being tested in combination with other medications from companies like Merck and Bristol-Myers Squibb.
Intensity Therapeutics initially filed for an IPO in October 2021, seeking around $17 million. The successful IPO and subsequent increase in stock price indicate positive investor sentiment and confidence in the company’s innovative approach to cancer treatment.
In related news, stem cell company Vitro Biopharma has updated the terms for its proposed $10 million IPO, while NeurAxis has also updated the terms for its $8 million IPO and is now seeking a listing on the New York Stock Exchange. These developments reflect the ongoing activity in the biotechnology and pharmaceutical sectors, as companies seek funding to advance their research and development efforts.
Overall, Intensity Therapeutics’ successful IPO and significant stock price increase demonstrate the potential for growth and investment in the field of oncology drug development. With promising clinical trials and partnerships with established pharmaceutical companies, the company is well-positioned to make a meaningful impact in the fight against cancer.
