FastForward subscribes for Intensity Therapeutics Inc. Series B Fundraise
Subscribes for US$173,061 to maintain its interest of 1.92%
Option to subscribe for up to additional US$5 million
The Board of AIM-traded FastForward Innovations Limited is pleased to announce that it has today committed to subscribe for a total of 38,458 Series B shares of Intensity Therapeutics Inc. (“Intensity”) at a price of US$4.50 per share (the “Subscription Price”) for total consideration of US$173,061 (the “Subscription”). Intensity is currently closing its Series B equity fundraising, which is expected to be fully subscribed, to raise in aggregate US$9 million from existing and new investors. The price per share values Intensity at a pre-money value of approximately US$58.5 million, with the price per share representing an uplift of approximately 125% since the Company’s original investment of US$500,000 (acquiring 250,000 Series A Shares) in October 2015.
At the Subscription Price the Company’s 288,458 shares of Intensity (comprising 250,000 Series A Shares and 38,458 Series B Shares) would be valued at approximately US$1.3 million as at today’s date.
In addition to the Subscription, the Company has been granted a warrant by Intensity to subscribe for up to either (a) a further 1,111,111 Series B shares at a price of $4.50 per share or (b) 1,000,000 new common shares of Intensity at a price of US$5 per share (total value US$5 million) at any time prior to 30 September 2018 (the “Warrant”). Any allocation under (i) is conditional on Intensity having sold fewer than 2,000,000 Series B shares (raising US$9 million) with the balance available under the Warrant to be subscribed as common shares. The Subscription will be funded from existing cash resources whilst exercise of the Warrant will be reliant on further funding being available at that time.
Commenting on the investment Jim Mellon, Chairman of FastForward, noted:
“The results from Intensity Therapeutics’ work continues to be so positive we had no hesitation taking up FFWD’s pro rata entitlement in the Series B funding round. In addition, the Warrant granted to FFWD locks in a right for the Company to invest further funds at US$5.00 per share should results over the Summer continue to impress. We believe the Warrant will be of interest to UK based institutional investors and the Company plans to present, with Intensity management, the results of the IT-01 study to date to interested parties over the Summer.”
Lew Bender, President and CEO at Intensity Therapeutics was pleased FFWD participated in the Series B round:
“We are delighted Fast Forward has committed to maintain its investment by participating in our Series B funding round. Our drug, INT230-6, continues to achieve excellent clinical results in study IT-01. The safety data generated to date indicate a dose escalation is possible. In addition, we see tumor response in multiple cancer types, even at the low doses administered. This round of funding is expected to help to advance our clinical program into Phase 2a.”
INT230-6 is a novel, anti-cancer drug for direct intratumoral injection. The product contains potent anti-cancer agents that disperse throughout tumors and diffuse into cancer cells. INT230-6 was identified from Intensity’s DfuseRxSM platform and is being evaluated in a clinical trial; IT 01. In preclinical studies INT230-6 administration eradicated tumors by a combination of direct tumor kill coupled with recruitment of dendritic cells to the tumor micro-environment that induced anti-cancer T-cell activation. Treatment with INT230-6 in in vivo models of severe cancer resulted in substantial improvement in overall survival compared to standard therapies. Further, INT230-6 provided complete responder animals with long-term, durable protection from multiple re-inoculations of the initial cancer and resistance to other cancers. In mouse models the drug has shown strong synergy with checkpoint blockage including anti-PD-1 antibodies.
About Study IT-01
IT-01 is entitled A Phase 1/2 Safety Study of Intratumorally Administered INT230-6 in Adult Subjects with Advanced Refractory Cancers. The trial aims to enroll approximately 60 patients with different types advanced solid tumor malignancies in a multicycle dosing regimen. The study is currently recruiting in the U.S. and Canada with plans to open additional sites in multiple countries. The study’s primary objective is to assess the safety and tolerability of multiple intratumoral doses of INT230-6 with or without an anti-PD-1 or other checkpoint blockade antibodies. Secondary assessments are the measurement of injected and bystander tumor responses, and determination of the systemic pharmacokinetic profile of multiple doses of INT230-6’s drug substances after single and then multiple intratumoral injections. Exploratory analysis will characterize patient outcome, as well as evaluate various tumor and anti-tumor immune response biomarkers that may correlate with response. The trial includes several adaptive components that will allow for adjustments in patient groups, dosing schedule and dose volumes administered. Data will be used to assess the progression free and overall survival in subjects receiving INT230-6. Further information can be found at www.clinicaltrials.gov (NCT#03058289).
About Intensity Therapeutics, Inc.
Intensity Therapeutics, Inc. is a clinical-stage biotechnology company whose mission is to greatly extend the lives of patients with cancer. Intensity Therapeutics is pioneering a new immune-based approach to treat cancer. The Company uses its DfuseRxSM platform technology to create new drug formulations that following direct injection rapidly disperse throughout a tumor and diffuse therapeutic agents into cancer cells. Drug products created using the technology are capable of attenuating (killing) a tumor in a manner that allows for the adaptive immune system to recognize the cancer and attack distal tumors and micrometastases. Further information can be found at www.intensitytherapeutics.com.
This press release contains forward-looking statements regarding Intensity Therapeutics’ plans, future operations and objectives. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual performance or achievements to be materially different from those currently anticipated. These forward-looking statements include, among other things, statements about the initiation and timing of future clinical trials.
As at March 31, 2018, prior to the Series B sales, Intensity had Gross Assets of US$5.2 million and for the year ended 31 December 2017 reported a loss of US$2,065,824. For further information on Intensity and its progress, as well as its founders and management team, please visit its website at www.intensitytherapeutics.com.
For further information on the Company please visit www.fstfwd.co
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