Intrinsic wanted an IPO. Instead, it's a SPAC for the gut-brain microbiome biotech
Financing is essential to drug development.
Intrinsic Medicine couldn’t succeed down the IPO route during a rough sweeping of the biotech market this year, so the Seattle upstart is instead going with a blank-check to get its first microbiome-based candidate into a clinical trial in Australia.
After ditching its IPO plans in July, the biotech will instead combine with Phoenix Biotech Acquisition, a SPAC vehicle that looked at more than 90 companies before signing on the dotted line with Intrinsic, the companies said Monday morning. The SPAC tie-up adds to a growing list of blank check deals in recent weeks after the market had appeared to largely cool off earlier in the year.
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