SHELTON,
Conn., Nov. 21, 2024 /PRNewswire/ -- Intensity
Therapeutics, Inc. (Nasdaq: INTS), ("Intensity" or the "Company") a
late-stage clinical 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 it has entered into a
securities purchase agreement with a single healthcare focused
institutional investor for the issuance and sale of 1,237,113
shares of its common stock in a registered direct offering at a
purchase price of $2.425 per
share.
In a concurrent private placement (the "Private Placement" and
together with the Registered Offering, the "Offerings"), the
Company also agreed to issue to the same investor warrants to
purchase up to 1,237,113 shares of its common stock (the "Common
Warrants"). The Common Warrants have an exercise price of
$2.95 per share, will be exercisable
commencing six months from the date of issuance, and will expire
five and one-half years following the date of issuance.
The gross proceeds from the Offerings, before deducting the
placement agent's fees and other offering expenses payable by the
Company, are expected to be approximately $3
million. The Company expects to use the net proceeds from
the Offerings for general working capital.
A.G.P./Alliance Global Partners is acting as lead placement
agent for the Offerings and Brookline Capital Markets, a division
of Arcadia Securities, LLC, is acting as a co-placement agent for
the Offerings.
The Offerings are expected to close on or about November 22, 2024, subject to the satisfaction of
customary closing conditions.
The shares (or common stock equivalents in lieu thereof) offered
to the institutional investor described above are being offered
pursuant to a registration statement on Form S-3 (File No.
333-280681), which was declared effective by the Securities and
Exchange Commission (the "SEC") on July 11,
2024. The Offering is being made only by means of a
prospectus which is a part of the effective registration statement.
The Common Warrants will be issued in a concurrent private
placement. A final prospectus supplement and the accompanying
prospectus relating to the registered direct offering will be filed
with the SEC and will be available on the SEC's website at
www.sec.gov. Additionally, when available, electronic copies of the
final prospectus supplement and the accompanying prospectus may be
obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue,
28th Floor, New York, NY 10022, or
by telephone at (212) 624-2060, or by email at
prospectus@allianceg.com, or Brookline Capital Markets, a division
of Arcadia Securities, LLC, 600 Lexington Avenue, 20th Floor,
New York, NY 10022, or by
telephone at (646) 256-5258, or by email at
michael.fontaine@brooklinecapmkts.com.
The private placement of the Common Warrants and the shares
underlying the Common Warrants offered to the institutional
investor will be made in reliance on an exemption from registration
under Section 4(a)(2) of the Securities Act of 1933, as amended
(the "Securities Act") and Regulation D promulgated thereunder.
Accordingly, the securities issued in the concurrent private
placements may not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such
applicable state securities laws.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in this Offering,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Intensity Therapeutics
Intensity is a late-stage clinical biotechnology company whose
novel engineered chemistry enables aqueous cytotoxic-containing
drug formulations to mix and saturate a tumor's dense, high-fat,
pressurized environment following direct intratumoral injection. As
a result of the saturation, Intensity's clinical trials have
demonstrated the ability of INT230-6 to kill tumors and elicit an
adaptive immune response within days of injection, representing a
new approach to cancer cell death that holds the potential to shift
the treatment paradigm and turn many deadly cancers into chronic
diseases even for malignancies that do not respond to conventional
immunotherapy. Intensity has completed two clinical studies and
enrolled over 200 patients using INT230-6: a Phase 1/2 dose
escalation study in metastatic cancers including sarcomas
(NCT03058289), and a Phase 2 randomized control clinical trial in
locally advanced breast cancer (the "INVINCIBLE-2 Study")
(NCT04781725) in women without undergoing chemotherapy prior to
their surgery. The Company initiated a Phase 3 trial in soft tissue
sarcoma (the "INVINCIBLE-3 Study") (NCT06263231), testing INT230-6
as second or third-line monotherapy compared to the standard of
care ("SOC") with overall survival as an endpoint. Intensity also
initiated a Phase 2 study in collaboration with The Swiss Group for
Clinical Cancer Research, SAKK (the "INVINCIBLE-4 Study")
(NCT06358573) as part of a Phase 2/3 program evaluating INT230-6
followed by the SOC immunochemotherapy and the SOC alone for
patients with presurgical triple-negative breast cancer.
Pathological complete response ("pCR") is the endpoint. For more
information about Intensity, including publications, papers, and
posters about its novel approach to cancer therapeutics, visit
www.intensitytherapeutics.com.
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 closing date and use of
proceeds. When or if used in this communication, the words "may,"
"could," "should," "anticipate," "believe," "estimate," "expect,"
"intend," "plan," "predict" and similar expressions and their
variants, as they relate to the Company or its management, may
identify forward-looking statements. The forward-looking statements
contained in this press release are based on management's 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. These risks and uncertainties, many of
which are beyond our control, include: the risk that the Offerings
may not close and other risks described in the section entitled
"Risk Factors" described in the prospectus supplement and in the
Company's SEC filings, 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:
Justin Kulik
Justin@coreir.com
CORE IR
(516) 222-2560
Media Contact:
Jules Abraham
CORE IR
pr@coreir.com
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SOURCE Intensity Therapeutics Inc.