Intensity Therapeutics Inc., a Shelton-based biotechnology company developing cancer therapies, said Thursday it has raised $3 million in funding from a healthcare-focused institutional investor.
Under the securities purchase agreement, Intensity will issue and sell approximately 1.24 million shares of its common stock in a registered direct offering at a purchase price of $2.425 per share, or about $3 million. The institutional investor was not identified.
Intensity’s stock trades on the Nasdaq stock market under the symbol INTS. Thursday morning the stock was trading at $2.80 per share, down about 2.4%.
In a concurrent private placement, Intensity said it also has agreed to issue to the same investor warrants to purchase up to 1.24 million shares of its common stock. The common warrants have an exercise price of $2.95 per share, will be exercisable six months from the issue date and will expire five-and-a-half years after the issue date.
The offerings are expected to close on or about Nov. 22, subject to customary closing conditions.
Proceeds from the offerings will be used for general working capital, the company said.
A.G.P./Alliance Global Partners is the lead placement agent for the offerings, while Brookline Capital Markets, a division of Arcadia Securities LLC, is a co-placement agent.
Intensity, based at 1 Enterprise Drive, Suite 430, in Shelton, is developing treatments for cancer that are injected directly into malignant tumors to destroy them and help the body naturally defend against any recurrence.
