SEATTLE, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Intrinsic Medicine, Inc. (Intrinsic), a therapeutics institution leveraging quality beverage biology to transform Gut-Brain Axis (GBA) and inflammatory disorders, and Phoenix Biotech Acquisition Corp. (NASDAQ:PBAX) (PBAX), a peculiar intent acquisition institution sponsored by Phoenix Biotech Sponsor, LLC and formed for the intent of acquiring oregon merging with 1 oregon much businesses, contiguous announced the communal termination of their antecedently announced concern operation statement owed to existent marketplace conditions.
“Intrinsic was encouraged by the affirmative feedback from prospective investors regarding the attractiveness of our caller and capital-efficient attack to processing transformative caller therapeutics. We stay focused connected advancing these important imaginable drugs and are grateful to PBAX’s squad of experienced life-sciences concern veterans for recognizing the cardinal worth of our level and pipeline,” said Alexander Martinez, CEO of Intrinsic.
“After cautious thought and consideration, we mutually determined that this enactment is successful the champion involvement of each parties fixed existent marketplace conditions. Irrespective of this outcome, we stay highly impressed by what founding executives, Alex Martinez and Jason Ferrone, unneurotic with the talented Intrinsic team, person built and are optimistic astir the imaginable for Intrinsic’s cause candidates to disrupt the mode that GBA disorders are treated successful the future,” stated Chris Ehrlich, CEO and manager of PBAX.
Additional accusation regarding the termination of the concern operation statement is provided successful a Current Report connected Form 8-K filed by PBAX with the U.S. Securities and Exchange Commission and is disposable astatine www.sec.gov.
About Intrinsic Medicine, Inc.
Intrinsic Medicine, Inc. is simply a preclinical-stage therapeutics institution leveraging synthetic biology-manufactured quality beverage oligosaccharides (HMOs), arsenic caller medicines to dainty ample diligent populations underserved by existent attraction options. In the archetypal fractional of 2023, Intrinsic plans to initiate a Phase 2 objective proceedings nether an approved protocol successful Australia utilizing FDA recommended superior extremity points to trial its pb cause campaigner successful implicit 400 patients with the constipation ascendant signifier of irritable bowel syndrome (IBS), which is estimated to impact astir 5 cardinal patients successful the United States alone. For much accusation astir Intrinsic, visit www.intrinsicmedicine.com and link with america on Twitter and LinkedIn.
About Phoenix Biotech Acquisition Corp.
Phoenix Biotech Acquisition Corp. (NASDAQ: PBAX) is simply a blank-check institution formed for the intent of effecting a merger, stock exchange, plus acquisition, stock purchase, reorganization oregon akin concern operation with 1 oregon much businesses. For much accusation astir PBAX, visit www.phoenixbiotechacquisitioncorp.com.
Forward Looking Statements
All statements different than statements of humanities facts contained successful this property merchandise are forward-looking statements. Forward-looking statements whitethorn mostly beryllium identified by the usage of words specified arsenic “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” oregon different akin expressions (or the antagonistic versions of specified words oregon expressions) that foretell oregon bespeak aboriginal events oregon trends oregon that are not statements of humanities matters. These forward-looking statements include, but are not constricted to, statements regarding the fiscal position, concern strategy and the plans and objectives of absorption for aboriginal operations. These statements are based connected assorted assumptions, whether oregon not identified successful this property release, and connected the existent expectations of Intrinsic’s and PBAX’s absorption and are not predictions of existent performance. These forward-looking statements are provided for illustrative purposes lone and are not intended to service as, and indispensable not beryllium relied connected by immoderate investor, arsenic a guarantee, an assurance, a prediction oregon a definitive connection of information oregon probability. Actual events and circumstances are hard oregon intolerable to foretell and whitethorn disagree from specified assumptions, and specified differences whitethorn beryllium material. Many existent events and circumstances are beyond the power of Intrinsic and PBAX.
These forward-looking statements are taxable to a fig of risks and uncertainties, including: (i) changes successful home and overseas business, market, financial, governmental and ineligible conditions; (ii) risks related to home and planetary governmental and macroeconomic uncertainty, including the Russia-Ukraine conflict; (iii) the interaction of the global COVID-19 pandemic and governmental responses connected immoderate of the foregoing risks; (iv) risks related to biotechnology, manufacture and regulations; (xvii) changes successful laws and regulations; and (v) those factors discussed successful PBAX’s Annual Report connected Form 10-K for the twelvemonth ended December 31, 2021, the Quarterly Report connected Form 10-Q for the 4th ended March 31, 2022, the Quarterly Report connected Form 10-Q for the 4th ended June 30, 2022, and Quarterly Report connected Form 10-Q for the 4th ended September 30, 2022, successful each case, nether the heading “Risk Factors,” and different documents of PBAX to beryllium filed with the SEC, including the proxy connection / prospectus. If immoderate of these risks materialize oregon PBAX’s oregon Intrinsic’s assumptions beryllium incorrect, existent results could disagree materially from the results implied by these forward-looking statements. There whitethorn beryllium further risks that neither PBAX nor Intrinsic presently cognize oregon that PBAX and Intrinsic presently judge are immaterial that could besides origin existent results to disagree from those contained successful the forward-looking statements. In addition, forward-looking statements bespeak PBAX’s, and Intrinsic’s expectations, plans oregon forecasts of aboriginal events and views arsenic of the day of this property release. PBAX, and Intrinsic expect that consequent events and developments volition origin PBAX’s and Intrinsic’s assessments to change. However, portion PBAX, and Intrinsic whitethorn elite to update these forward-looking statements astatine immoderate constituent successful the future, each of PBAX, and Intrinsic specifically disclaim immoderate work to bash so, unless required by applicable law. These forward-looking statements should not beryllium relied upon arsenic representing PBAX’s and Intrinsic’s assessments arsenic of immoderate day consequent to the day of this property release. Accordingly, undue reliance should not beryllium placed upon the forward-looking statements.
Contacts:
Investors:
Scott Arnold
CORE IR
scotta@coreir.com
Media:
Molly Meller
Ericho Communications
molly@erichopr.com
929-244-3923
English (US)