SEATTLE, 06 Dec. 12, 2022 (GLOBE NEWSWIRE) — Intrinsic Medicine, Inc. (Intrinsic), a therapeutic company leveraging breast 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 companies, today announced the mutual termination of its previously announced business combination agreement due to current market conditions.
“Intrinsic has been encouraged by positive feedback from potential investors regarding the appeal of our innovative and capital-efficient approach to developing transformative new therapies. We remain focused on advancing these important potential drugs and are grateful to PBAX’s team of experienced life science investing veterans for recognizing the fundamental value of our platform and pipeline,” said Alexander Martinez, CEO of Intrinsic.
“After careful thought and consideration, we have mutually determined that this action is in the best interests of all parties given current market conditions. Regardless of this outcome, we remain extremely impressed with what founding executives, Alex Martinez and Jason Ferrone, and the talented team at Intrinsic have built, and we are optimistic about the potential of Intrinsic’s drug candidates to disrupt the how GBA disorders are treated in the future,” said 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 United States Securities and Exchange Commission and is available at www.sec.gov.
About Intrinsic Medicine, Inc.
Intrinsic Medicine, Inc. is a preclinical-stage therapeutics company harnessing human milk oligosaccharides (HMOs) made by synthetic biology as novel drugs to treat large patient populations underserved by current treatment options. In the first half of 2023, Intrinsic plans to initiate a Phase 2 clinical trial under an approved protocol in Australia using FDA-recommended primary endpoints to test its lead drug candidate in over 400 patients with the constipation-dominant form of irritable bowel syndrome (IBS), which is estimated to affect approximately five million patients in the United States alone. For more information about Intrinsic, visit www.intrinsicmedicine.com and join us on Twitter and LinkedIn.
About Phoenix Biotech Acquisition Corp.
Phoenix Biotech Acquisition Corp. (NASDAQ: PBAX) is a blank check corporation formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more companies. For more information on PBAX, visit www.phoenixbiotechacquisitioncorp.com.
All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward-looking statements can generally be identified by the use of words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “will expect,” “should,” “negative versions of such words or phrases) that predict or indicate future events or trends or are not statements of historical matters. Such forward-looking statements include, but are not limited to , statements regarding management’s financial condition, business strategy and plans and objectives for future operations.These statements are based on various assumptions, whether or not identified in this press release, and on management’s current expectations. ‘Intrinsic and PBAX and are not predictions of actual performance.These forward-looking statements They are provided for illustrative purposes only and are not intended to serve as, and should not be relied upon by, any investor as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from those assumptions, and those differences may be material. Many actual events and circumstances are beyond the control of Intrinsic and PBAX.
These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) risks related to domestic and international political and macroeconomic uncertainty, including the Russian-Ukrainian conflict; (iii) the impact of the global COVID-19 pandemic and government responses on any of the above risks; (iv) biotechnology, industry and regulatory risks; (xvii) changes in laws and regulations; and (v) factors discussed in PBAX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, in each case, under the heading “Risk Factors”, and other PBAX documents to be filed with the SEC, including the proxy statement/prospectus. Should any of these risks materialize, or should PBAX’s or Intrinsic’s assumptions prove incorrect, actual results could differ materially from the results implied by such forward-looking statements. There may be additional risks that neither PBAX nor Intrinsic is currently aware of or that PBAX and Intrinsic currently believe to be immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect PBAX’s and Intrinsic’s expectations, plans or forecasts regarding future events and views as of the date of this press release. PBAX and Intrinsic anticipate that subsequent events and developments will cause the valuations of PBAX and Intrinsic to change. However, although PBAX and Intrinsic may elect to update these forward-looking statements at some time in the future, PBAX and Intrinsic specifically disclaims any obligation to do so, except as required by applicable law. These forward-looking statements should not be relied upon as representing the assessments of PBAX and Intrinsic as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed on forward-looking statements.
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