Intensity Therapeutics, Inc. Announces the Closing and Full Exercise of the Over-Allotment Option from its Upsized Initial Public Offering, Raising a Total of $22.425 Million in Gross Proceeds

Intensity Therapeutics, Inc. Announces the Closing

and Full Exercise of the Over-Allotment Option from its Upsized Initial Public Offering, Raising a Total of $22.425 Million in Gross Proceeds

WESTPORT, Conn. July 10, 2023, -

Intensity Therapeutics, Inc. ("Intensity" or the "Company") (Nasdaq: INTS), a clinical-stage biotechnology company

focused on the discovery and development of proprietary, novel immune-based intratumoral cancer therapies designed to kill tumors and

increase immune system recognition of cancers, today announced that the underwriters of its previously announced initial public offering

have fully exercised their option to purchase an additional 585,000 shares of its common public stock at the IPO offering price of $5.00

per share, less underwriting discounts and commissions.

The total net proceeds to Intensity from the offering,

including proceeds from the exercise of the underwriter's over-allotment option, after deducting the underwriting discounts, commissions

and transaction expenses, were approximately $18.9 million.

The Benchmark Company and Freedom Capital Markets

acted as the joint book-running managers for the offering.

The securities described above were offered by

the Company pursuant to a registration statement on Form S-1 (Registration No. 333-260565) that was previously filed with the U.S. Securities

and Exchange (the "SEC") and declared effective on June 29, 2023. This offering was made only by means of a prospectus forming

part of the effective registration statement. Copies of the final prospectus can be obtained through the SEC's website at www.sec.gov

or from: The Benchmark Company, LLC, Attention: Prospectus Department, 150 E. 58th Street, 17th floor,

New York, NY 10155 at 212-312-6700 or by email at prospectus@benchmarkcompany.com and Freedom Capital Markets, 40 Wall Street, 58th Floor,

New York, NY 10005, via email at EquitySyndicate@freedomcapmkts.com and via telephone at (800) 786-1469.

This press release shall not constitute an offer

to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such

offer, solicitation or sale would be unlawful.

About Intensity Therapeutics

Intensity Therapeutics, Inc. is a clinical-stage

biotechnology company pioneering a new immune-based approach to treat solid tumor cancers. Intensity leverages its DfuseRx technology

platform to create proprietary drug formulations that following direct injection rapidly disperse throughout a tumor and diffuse therapeutic

agents into cancer cells. Intensity's product candidates have the potential to induce an adaptive immune response that not only

attacks the injected tumor, but also non-injected tumors. The Company's lead product candidate, INT230-6, is in development for

the treatment of patients with solid tumors, such as sarcoma and breast cancer. Intensity has a clinical collaboration agreement with

Merck Sharpe & Dohme (Merck) to evaluate INT230-6 with pembrolizumab. In addition, the Company has a clinical collaboration agreement

with Bristol-Myers Squibb to evaluate the combination INT230-6 with Bristol-Myers Squibb's anti-CTLA-4 antibody, ipilimumab. Intensity

has also executed agreements with the Ottawa Hospital Research Institute (OHRI) and the Ontario Institute of Cancer Research (OICR) to

study INT230-6 in a randomized controlled neoadjuvant phase 2 study in women with early stage breast cancer (the INVINCIBLE study) (NCT04781725).

Additionally, the Company executed a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute's

(NCI) Vaccine Branch. For more information, please visit www.intensitytherapeutics.com and follow the Company on Twitter @IntensityInc.

Forward-Looking Statements

Certain statements in this press release may constitute

"forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as

amended to date. These statements include, but are not limited to, statements relating to the expected trading commencement, closing dates

and use of proceeds. We have based these forward-looking statements on our current expectations and projections about future events, nevertheless,

actual results or events could differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking

statements we make. These risks and uncertainties, many of which are beyond our control, include: the risk that the initial public offering

of common stock may not close, as well as other risks described in the section entitled "Risk Factors" in the prospectus,

which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements,

which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and

beliefs. The Company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information

contained in this press release except as required by law.

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