WESTPORT, Conn., July 10,
2023 /PRNewswire/ -- Intensity Therapeutics, Inc.
("Intensity" or the "Company") (Nasdaq: INTS), a clinical-stage
biotechnology company focused on the discovery and development of
proprietary, novel immune-based intratumoral cancer therapies
designed to kill tumors and increase immune system recognition of
cancers, today announced that the underwriters of its previously
announced initial public offering have fully exercised their option
to purchase an additional 585,000 shares of its common public stock
at the IPO offering price of $5.00
per share, less underwriting discounts and commissions.
The total net proceeds to Intensity from the offering, including
proceeds from the exercise of the underwriter's over-allotment
option, after deducting the underwriting discounts, commissions and
transaction expenses, were approximately $18.9 million.
The Benchmark Company and Freedom Capital Markets acted as the
joint book-running managers for the offering.
The securities described above were offered by the Company
pursuant to a registration statement on Form S-1 (Registration No.
333-260565) that was previously filed with the U.S. Securities and
Exchange (the "SEC") and declared effective on June 29, 2023. This offering was made only by
means of a prospectus forming part of the effective registration
statement. Copies of the final prospectus can be obtained through
the SEC's website at www.sec.gov or from: The Benchmark Company,
LLC, Attention: Prospectus Department, 150 E.
58th Street, 17th floor,
New York, NY 10155 at 212-312-6700
or by email at prospectus@benchmarkcompany.com and Freedom
Capital Markets, 40 Wall Street, 58th Floor, New York, NY 10005, via email at
EquitySyndicate@freedomcapmkts.com and via telephone at (800)
786-1469.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Intensity Therapeutics
Intensity Therapeutics, Inc. is a clinical-stage biotechnology
company pioneering a new immune-based approach to treat solid tumor
cancers. Intensity leverages its DfuseRx℠ technology platform to
create proprietary drug formulations that following direct
injection rapidly disperse throughout a tumor and diffuse
therapeutic agents into cancer cells. Intensity's product
candidates have the potential to induce an adaptive immune response
that not only attacks the injected tumor, but also non-injected
tumors. The Company's lead product candidate, INT230-6, is in
development for the treatment of patients with solid tumors, such
as sarcoma and breast cancer. Intensity has a clinical
collaboration agreement with Merck Sharpe & Dohme (Merck) to
evaluate INT230-6 with pembrolizumab. In addition, the Company has
a clinical collaboration agreement with Bristol-Myers Squibb to
evaluate the combination INT230-6 with Bristol-Myers Squibb's
anti-CTLA-4 antibody, ipilimumab. Intensity has also executed
agreements with the Ottawa Hospital Research Institute (OHRI) and
the Ontario Institute of Cancer Research (OICR) to study INT230-6
in a randomized controlled neoadjuvant phase 2 study in women with
early stage breast cancer (the INVINCIBLE study) (NCT04781725).
Additionally, the Company executed a Cooperative Research and
Development Agreement (CRADA) with the National Cancer Institute's
(NCI) Vaccine Branch. For more information, please visit
www.intensitytherapeutics.com and follow the Company on Twitter
@IntensityInc.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995, as amended
to date. These statements include, but are not limited to,
statements relating to the expected trading commencement, closing
dates and use of proceeds. We have based these forward-looking
statements on our current expectations and projections about future
events, nevertheless, actual results or events could differ
materially from the plans, intentions and expectations disclosed
in, or implied by, the forward-looking statements we make. These
risks and uncertainties, many of which are beyond our control,
include: the risk that the initial public offering of common stock
may not close, as well as other risks described in the section
entitled "Risk Factors" in the prospectus, which can be obtained on
the SEC website at www.sec.gov. Readers are cautioned not to place
undue reliance on the forward-looking statements, which speak only
as of the date on which they are made and reflect management's
current estimates, projections, expectations and beliefs. The
Company does not plan to update any such forward-looking statements
and expressly disclaims any duty to update the information
contained in this press release except as required by law.
INVESTOR RELATIONS CONTACT
Rx Communications Group
Michael K. Miller
(917) 633-6086
mmiller@rxir.com
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SOURCE Intensity Therapeutics, Inc.