Intrinsic Medicine Inc., a therapeutics company looking to use human milk biology to transform gut-brain axis (GBA) and inflammatory disorders, has merged with Phoenix Biotech Acquisition Corp., an acquisition company formed with the purpose of acquiring or merging with one or more businesses.
Intrinsic’s pipeline consists of synthetic biology-produced HMO drug candidates including OM001, OM002 and OM003, which it believes have the potential to treat GBA and other inflammatory disorders such as irritable bowel syndrome. The resources of the combined company look to provide Intrinsic with the capital to advance OM002. Upon close, the combined company will be named Intrinstic Medicine, Inc. and will be led by Intrinsic’s founding executives, Alexander Martinez, its CEO, and Jason Ferrone, its president and COO. The combined company’s common stock is expected to be listed on the Nasdaq Capital Market under “INRX”.
“Intrinsic has the opportunity to demonstrate the potential benefits of its platform for patients living with GBA disorders with the near-term initiation of their phase 2b clinical trial for IBS-C,” says Chris Ehrlich, CEO and director of PBAX. “We are confident that the highly experienced management team, with proven abilities to rapidly advance their unique pipeline of potentially transformative HMO-based medicines and accomplish important business initiatives with capital efficiency, are prepared to lead Intrinsic as a public company.”
Spartan Capital Securities LLC is acting as placement agent to PBAX. Revere Securities LLC is acting as capital markets advisor to Intrinsic. Ropes & Gray LLP is acting as legal counsel to Intrinsic. Cohen and Co. Capital Markets is acting as the financial advisor to PBAX. Goodwin Procter LLP is serving as legal counsel to PBAX.