Intensity Therapeutics, Inc. announced on November 21, 2024, that it has entered into a securities purchase agreement for a registered direct offering and concurrent private placement, expected to generate approximately $3 million in gross proceeds. The company will issue 1,237,113 shares of common stock at a purchase price of $2.425 per share to a single healthcare-focused institutional investor. Additionally, warrants to purchase up to 1,237,113 shares of common stock will be issued in the private placement, with an exercise price of $2.95 per share.
The offerings are expected to close on or about November 22, 2024, subject to the satisfaction of customary closing conditions. The net proceeds from these offerings are intended for general working capital purposes. A.G.P./Alliance Global Partners and Brookline Capital Markets are acting as placement agents for the transactions.
This capital raise is crucial for Intensity Therapeutics, a clinical-stage biotechnology company, to support its ongoing operations and advance its proprietary immune-based intratumoral cancer therapies. The funding helps maintain the company's development activities for its lead candidate, INT230-6.
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