Andrey Tolkachev
Oncology drug developer Depth Therapeutics (NASDAQ:INTS) has upsized its proposed preliminary public providing to $15M from $8M.
The biotech firm mentioned in a submitting that it is now contemplating providing 3.25M shares priced between $4 and $5, which might increase round $15M if priced at the midpoint. Underwriters can be granted a 45-day possibility to purchase as much as 488K further shares on the IPO worth to cowl any over-allotments.
In January, Depth Therapeutics mentioned it was seeking to increase round $8M by providing 1.78M shares priced at $4.50 per share.
Depth Therapeutics hopes to record its shares on Nasdaq underneath the image INTS. The Benchmark and Freedom Capital Markets are serving as joint bookrunners for the deal, in line with its most up-to-date submitting.
Based mostly in Connecticut, Depth Therapeutics has developed drug expertise that enables for cancer-fighting brokers to be injected instantly into tumors with a excessive absorption charge. The corporate’s lead product, INT230-6, is at the moment in Section 2 medical testing for tender tissue sarcoma and breast most cancers. It is also being examined together with Merck’s (MRK) Keytruda and Bristol-Myers Squibb’s (BMY) Yervoy.
Depth Therapeutics first filed for an IPO in October 2021, searching for round $17M.
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