In a post entitled, “Intrinsic Medicine and Phoenix Biotech Acquisition Corp. Announce Merger Agreement to Create Public Company Leveraging Human Milk Biology to Treat Gut-Brain Axis Disorders”, IndieBio’s Intrinsic Medicine (SF09 2019), a therapeutics company using the science of human milk to treat inflammatory disorders, announced that it has entered into a definitive business combination agreement with Phoenix Biotech Acquisition Corp. The agreement includes plans to list Intrinsic Medicine’s common stock on the Nasdaq Capital Market under the ticker symbol “INRX ”in 2023.
Intrinsic Medicine is leveraging human milk oligosaccharides (HMOs), an abundant solid component of human milk, to shift the composition of the gut microbiome, boost the microbiome’s production of helpful metabolites, and modulate the immune system. In a therapeutic context, HMO-based drugs have a favorable toxicity and tolerability profile, making them a promising candidate for patients who may otherwise be affected by the side effects and toxicities of other drugs.
According to the press release, Intrinsic Medicine’s merger with Phoenix Biotech Acquisition Corp. enables Intrinsic to advance its lead compound OM002, initiate a Phase 2b clinical study, initiate chronic toxicology studies, and advance the compound OM001 into the clinic.
“This milestone marks an important moment for Intrinsic,” said Intrinsic CEO Alexander Martinez. “With this commitment from PBAX, we will challenge the status quo to deliver a differentiated class of microbiome and immune-modulating medicines with the potential to provide true relief to individuals suffering from GBA disorders.”