Reported Late Tuesday, Intrinsic Medicine And Phoenix Biotech Acquisition Corp. Mutually Agree To Terminate Business Combination Agreement
Intrinsic Medicine, Inc. (Intrinsic), a therapeutics company leveraging human milk biology to transform Gut-Brain Axis (GBA) and inflammatory disorders, and Phoenix Biotech Acquisition Corp. (NASDAQ:PBAX) (PBAX), a special purpose acquisition company sponsored by Phoenix Biotech Sponsor, LLC and formed for the purpose of acquiring or merging with one or more businesses, today announced the mutual termination of their previously announced business combination agreement due to current market conditions.
"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 PBAX.
Additional information regarding the termination of the business combination agreement is provided in a Current Report on Form 8-K filed by PBAX with the U.S. Securities and Exchange Commission and is available at www.sec.gov.