US-based cancer immunotherapy developer Intensity Therapeutics has raised $10m in a series preferred stock financing that included virtual drug developer SalvaRx Group.
The round also featured Batterson Venture Capital, VCapital, FastForward Innovations, angel investors Declan Doogan and Jim Mellon, and undisclosed family offices and other investors.
Intensity is working on immune-oncology drugs based on its DfuseRxSM platform, and the company claims its lead product candidate, INT230-6, is capable of completely clearing large tumours in animal testing.
Lewis H. Bender, Intensity’s president and CEO, said: “We received strong interest from investors to participate in our series A financing, the amount of which was increased to meet demand.
“Proceeds will be used to fund operations, manufacture the clinical supplies, permit the needed regulatory filings and conduct a series of clinical trial cohorts in cancer patients with various tumour types.”
The series A round follows $2.25m of financing raised by the company between the start of 2013 and June 2015, according to securities filings.