Intrinsic Medicine, a preclinical-stage therapeutics company, terminated the agreement to go public via a SPAC merger with Phoenix Biotech Acquisition in a $136m deal. “Intrinsic was encouraged by the positive feedback from prospective investors regarding the attractiveness of our novel and capital-efficient approach to developing transformative new therapeutics. We remain focused on advancing these important potential drugs and are grateful to PBAX’s team of experienced life-sciences investment veterans for recognizing the fundamental value of our platform and pipeline,” Alexander Martinez, Intrinsic CEO. On December 6, 2022 Intrinsic Medicine and Phoenix Biotech Acquisition mutually terminate the transaction.