Shelton-based biotech faces delisting threat from Nasdaq
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Intensity Therapeutics' headquarters is located at 1 Enterprise Drive in Shelton.
Just six weeks after raising $2.35 million in a public offering, a Shelton-based biotechnology company faces delisting from The Nasdaq Stock Market.
Intensity Therapeutics Inc. — a biotech firm at 1 Enterprise Drive, Suite 430, in Shelton that is focused on developing cancer therapies — informed the federal Securities and Exchange Commission (SEC) on Friday that it had received a letter from Nasdaq about the potential for its stock to be delisted.
The company’s stock, which trades under the symbol INTS, had failed to maintain the minimum required closing bid price of $1 per share, Nasdaq said. Intensity Therapeutics now has a grace period of 180 calendar days, or until Dec. 3, to boost its stock price or risk delisting.
Monday, the stock opened trading at 47 cents per share and by mid-morning had risen to 52 cents per share. That was far below its 52-week high of $5.10 per share.
If the company is unable to boost the price to $1 per share or above for 10 consecutive days by the Dec. 3 deadline, it may be eligible for additional time to comply, Nasdaq said.
To qualify for additional time, Intensity Therapeutics will be required “to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market,” with the exception of the minimum bid price requirement, Nasdaq said.
Intensity Therapeutics also must notify Nasdaq in writing of its intention “to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary,” the Nasdaq letter states.
In its filing with the SEC, the company said it intends to monitor the bid price of its common stock and “will consider available options” to regain compliance.
“However,” it added, “there can be no assurance that the company will be able to regain compliance with the minimum bid price requirement or that Nasdaq will grant the company a further extension of time to regain compliance, if applicable.”
The delisting threat comes after Intensity Therapeutics announced on April 25 that it planned to raise $2.35 million in a public offering to help fund the study of a drug candidate.
On May 13, in its first-quarter financial report, the company said the public offering had raised “an aggregate of $2.35 million, with net proceeds after deducting the fees and expenses of approximately $1.9 million.”
Overall, it reported a net loss of $3.3 million for the three months ended March 31, compared to a net loss of $4.6 million for the same period last year.
Intensity Therapeutics is the sixth bioscience firm in the state to face delisting by Nasdaq in the past nine months. The others were Westport-based Biosig Technologies; New Haven-based BioXcel Therapeutics; Westport-based Portage Biotech Inc.; New Haven-based Rallybio; and Branford-based Quantum-Si. Of those firms, BioXcel, Biosg and Quantum-Si each avoided delisting.
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