Seattle Biotech Intrinsic Medicine to Go Public via SPAC Merger Raising $178.8M for Human Milk-Based Therapies

Seattle biotech startup Intrinsic Medicine, developing therapies based on human milk molecules, plans to go public via a SPAC merger with Phoenix Biotech Acquisition Corp to raise $178.8 million. The company aims to initiate a phase 2 trial for irritable bowel syndrome with top-line data expected in the first half of 2024.