Shelton-based Intensity Therapeutics said it will raise $4 million in a direct stock offering to a new long-term investor — its second capital raise in recent months.
Intensity is a late-stage clinical biotechnology company aimed at discovering and developing novel cancer therapies designed to kill tumors and increase immune system recognition of cancers.
The company announced Friday it has agreed to sell 5 million shares of common stock at 80 cents per share in a registered direct offering. The deal is expected to close on or around Nov. 3, subject to customary conditions.
Intensity said it plans to use the proceeds to fund clinical trials, and for working capital and other general corporate purposes. The company said the financing should provide enough cash to operate through the second quarter of 2027.
Intensity in August raised $6.6 million in a separate stock sale.
A week ago, shareholders approved a reverse stock split — about 10 weeks after Intensity’s shares regained compliance to remain listed on the Nasdaq Stock Exchange.
Intensity, founded in 2012, is developing intratumoral cancer therapies designed to destroy tumors and stimulate an immune response. Its lead drug candidate, INT230-6, is in a Phase 3 trial for soft-tissue sarcoma.