Business
Intensity Therapeutics Reports Second Quarter Financial Results and Provides Corporate Update
Closed Upsized IPO Priced at Top-Of-Range, Full Exercise of the Over-Allotment Nets $20.4 Million in Proceeds Data Presented at ASCO Showed that Lead Asset
About this update from Intensity Therapeutics, Inc.
[{"type":"text","content":"Closed Upsized IPO Priced at Top-Of-Range, Full Exercise of the Over-Allotment Nets $20.4 Million in Proceeds \nData Presented at ASCO Showed that Lead Asset INT230-6 Prolongs Survival Alone or in Combination With Ipilimumab in Adult Patients with Relapsed, Refractory, Metastatic Sarcomas Compared To Synthetic Controls\nINVINCIBLE Study Data Presented at ASCO Showed INT230-6 Following One Intratumoral Dose Can Cause Immune Priming in Historically Quiescent Breast Cancers \nWESTPORT, Conn., Aug. 14, 2023 /PRNewswire/ -- Intensity Therapeutics, Inc. (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 reported financial results for the second quarter ended June 30, 2023, and provided a corporate update.\n\"The second quarter of 2023 was transformative for Intensity Therapeutics, during which, we closed an upsized initial public offering (IPO), priced at top-of-the-range, despite a turbulent biotech capital market environment. The $20.5 million of net proceeds now allows us to further the development of our lead product candidate, INT230-6, into registration studies,\" stated Lewis H. Bender, President and Chief Executive Officer of Intensity Therapeutics. \"Notably, in June, our trial investigators presented new data at the 2023 American Society of Clinical Oncology (ASCO) Annual Meeting from the IT-01 phase 1/2 clinical study of INT230-6, either as monotherapy or in combination with ipilimumab in patients with relapsed, refractory and metastatic sarcomas, as well as from the phase 2 INVINCIBLE study of INT230-6 in presurgical breast cancer patients. The data demonstrated that, for all sarcoma patients receiving at least one dose of INT230-6, alone, the median overall survival was 21.3 months, compared to the typical 7 to 10 months in historical phase 1/2 studies. As a result of this compelling data, interest in our novel approach was especially high among the physicians who treat sarcoma, a deadly disease in desperate need of new therapeutic approaches. We intend to submit an Investigational New Drug (IND) application for a phase 3 study of INT-230-6 in soft tissue sarcoma by the end of this year.\n\"Additionally, Angel Arnaout, M.D., Scientist...