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Investing.com -- Intensity Therapeutics Inc. (NASDAQ:INTS) stock fell 30% on Friday after the company announced a $4 million registered direct offering of common stock priced at $0.80 per share, a significant discount to its previous closing price.
The late-stage clinical biotechnology company has entered into a securities purchase agreement with a new long-term fundamental investor for the purchase and sale of 5 million shares. The offering price represents a substantial markdown from the stock’s closing price of $1.32 on Friday, when shares had surged 395% in a single session.
Intensity Therapeutics plans to use the proceeds to advance its clinical trials and for working capital and general corporate purposes. The company, which focuses on developing novel intratumoral cancer therapies using its proprietary non-covalent conjugation technology, expects the offering to extend its cash runway until the end of the first quarter of 2027.
A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering, which is expected to close around November 3, 2025, subject to customary closing conditions.
The offering is being made through an effective shelf registration statement that was declared effective by the Securities and Exchange Commission on July 11, 2024.
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