Intensity Therapeutics upsizes proposed IPO to $15M from $8M

Oncology drug developer Intensity Therapeutics (NASDAQ:INTS) has upsized its proposed initial public offering to $15M from $8M.

The biotech company said in a filing that it's now considering offering 3.25M shares priced between $4 and $5, which would raise around $15M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 488K additional shares at the IPO price to cover any over-allotments.

In January, Intensity Therapeutics said it was looking to raise around $8M by offering 1.78M shares priced at $4.50 per share.

Intensity Therapeutics hopes to list its shares on Nasdaq under the symbol INTS. The Benchmark and Freedom Capital Markets are serving as joint bookrunners for the deal, according to its most recent filing.

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 soft tissue sarcoma and breast cancer. It's also being tested in combination with Merck's (MRK) Keytruda and Bristol-Myers Squibb's (BMY) Yervoy.

Intensity Therapeutics first filed for an IPO in October 2021, seeking around $17M.

More on healthcare IPOs:

Monogram Orthopedics stock soars as high as 317% post-IPO

Acelyrin up 28% following upsized IPO

J&J spinout Kenvue shares climb 22% following $3.8B upsized IPO