Phoenix Biotech Acquisition in a proxy filing asks shreholders to support a emrger deadline extension from Jan. 8 to April 8, 2023, allowing the SPAC more time to complete its deal with Intrinsic Medic ine.
The target is a therapeutics company leveraging human milk biology to transform Gut-Brain Axis (GBA) and inflammatory disorders.
As announced last month, assuming no redemptions of the SPAC’s shares, Intrinsic would receive up to $178.8 million of cash held in trust. The business combination reflects a pre-money equity value of $136 million for Intrinsic.
Phoenix CEO Chris Ehrlich at deal announcement said the SPAC’s management evaluated nearly 100 biotech companies before striking the deal with Intrinsic. Read more.
