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 could be granted a 45-day choice 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 below the image INTS. The Benchmark and Freedom Capital Markets are serving as joint bookrunners for the deal, in keeping 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 fee. The corporate’s lead product, INT230-6, is presently in Section 2 medical testing for smooth 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, in search of round $17M.
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