A Seattle-based startup, Intrinsic Medicine, is merging with Phoenix Biotech Acquisition Corp (PBAX), a special purpose acquisition company or SPAC. The deal is anticipated to raise $178.8M.
Intrinsic Medicine develops potential therapeutic compounds matching molecules found in human milk. The merged company is set to be led by Intrinsic CEO and co-founder Alex Martinez New funding will help the company move into phase 2 clinical trials for patients with irritable bowel syndrome. Additionally, it has preclinical programs that aim to treat atopic dermatitis, autism spectrum disorder, rheumatoid arthritis, and other conditions.
“After evaluating nearly 100 biotech companies, Intrinsic emerged as the standout choice for our business combination,” said PBAX CEO and director Chris Ehrlich.