Shelton biotech eyes $2.35M public offering to fund research

Intensity Therapeutics Inc., a Shelton-based biotechnology company focused on developing cancer therapies, on Friday said it plans to raise $2.35 million in a public offering to help fund the study of a drug candidate.

The company, which trades on Nasdaq, said the public offering will allow certain new and existing institutional and accredited investors to buy 3.13 million shares of its common stock and accompanying warrants at a price of 75 cents per share.

Intensity Therapeutics said it plans to use the proceeds from the offering, which will close on or about April 28, to enroll patients in a study to evaluate the effectiveness of a new drug product (INT230-6) to treat several types of metastatic cancers in the U.S. and Canada. 

The funding will also be used for working capital and general corporate purposes, the company said.