Intrinsic Medicine and Phoenix Biotech Acquisition today announced mutually agreed to call off their proposed business combination, citing market conditions. Intrinsic is a therapeutics company leveraging human milk biology to transform Gut-Brain Axis and inflammatory disorders.
As announced in October, Intrinsic was set to receive up to $178.8 million of cash held in trust, which assumed zero redemptions. The business combination reflected a pre-money equity value of $136 million for Intrinsic.
Phoenix had filed a prxy in November seeking a deadline extension on the deal until April 2023.
“Intrinsic was encouraged by the positive feedback from prospective investors regarding the attractiveness of our novel and capital-efficient approach to developing transformative new therapeutics. We remain focused on advancing these important potential drugs and are grateful to PBAX’s team of experienced life-sciences investment veterans for recognizing the fundamental value of our platform and pipeline,” said Alexander Martinez, CEO of Intrinsic.
“After careful thought and consideration, we mutually determined that this action is in the best interest of all parties given current market conditions. Irrespective of this outcome, we remain extremely impressed by what founding executives, Alex Martinez and Jason Ferrone, together with the talented Intrinsic team, have built and are optimistic about the potential for Intrinsic’s drug candidates to disrupt the way that GBA disorders are treated in the future,” stated Chris Ehrlich, CEO and director of Phoenix. Read more.
