Intrinsic Medicine, Inc. plans $25 million IPO for May 12 (INRX)
Intrinsic Medicine, Inc. (INRX) plans to raise $25 million in an IPO on Thursday, May 12, IPO Scoop reports. The company will issue 4,166,667 shares at a price of $5.00 to $7.00 per share.
The company has a market capitalization of $67.7 million.
Intrinsic Medicine, Inc. provided the following company description for its IPO: “We are a preclinical-stage therapeutic company using synthetic biology-engineered identical human milk oligosaccharide molecules, or HiMOs, as new drugs to treat large patient populations underserved by current technologies. treatment options. In the first half of 2023, we plan to initiate a phase 2 clinical trial under an approved protocol in Australia to test our lead drug candidate in over 400 patients with the constipation-dominant form of irritable bowel syndrome , or IBS-C, which is estimated to affect approximately 5 million patients in the United States alone. Based on this, we expect to release the first data from this study in the first half of 2024. Our first drug candidates are based on bioactive oligosaccharides produced naturally in human milk, called human milk oligosaccharides, or HMOs, which modulate at both bacteria in the gut, or gut microbiome, and human cells. We believe that HMOs exert beneficial effects through multiple mechanisms of action. In particular, HMOs beneficially alter the composition of the gut microbiome, increase production of beneficial metabolites by the microbiome, and directly modulate the immune system. HMOs are the third most abundant solid component of breast milk after fat and lactose, and over 200 distinct HMOs have been identified by the scientific community to date. Because HMOs have been selected and conserved over millions of years of mammalian evolution, with all humans exposed before birth and during early life development, we believe that HiMO drugs may have a profile toxicity and favorable tolerability in the therapeutic context. Our pipeline currently consists of HiMO drug candidates that we refer to as OMs based on some of the most abundant and well-characterized HMOs, including OM001 (HiMO 3’sialyllactose) or 3’SL, OM002 (HiMO 2′-fucosyllactose) or 2 ‘FL and OM003 (HiMO 6’-sialyllactose), or 6’SL, which we believe have the potential to treat disorders of the gut-brain axis, or GBA, and certain inflammatory disorders. We selected these drug candidates based on clinical, preclinical and toxicology data published by third parties indicating the potential for bioactivity of disease-modifying HMOs combined with a low risk of dose-limiting toxicity. Our OMs are produced by synthetic biology and have an identical chemical structure to their HMO counterparts. Therefore, we believe that our OMs will replicate the multiple beneficial effects seen with HMOs and have the potential to affect multiple pathways involved in GBA disorders and some inflammatory disorders. These disorders are complex and often involve multiple pathways involving the central nervous system, or CNS, and enteric nervous system controlling the gut, or ENS, as well as other organ systems including the immune, endocrine, and autonomic systems. We initially intend to target GBA disorders and certain inflammatory disorders, such as irritable bowel syndrome, or IBS, inflammatory bowel disease, or IBD, rheumatoid arthritis, or RA, juvenile idiopathic arthritis oligoarticular, or oJIA, atopic dermatitis, or AD, and autism spectrum disorder, or ASD. We plan to prioritize the development of our drug candidates for disorders where available treatment options do not adequately serve patients due to safety or tolerability concerns, where regulators have indicated that medical foods and supplements do not cannot be legally marketed for the treatment of disease or symptoms, and where we have the potential to redefine the standard of care. We are continuously evaluating opportunities to expand our pipeline, including new indications and new HiMO drug candidates. We believe that HiMO-based drugs are a new approach to treating diseases that are more frequently classified as GBA disorders by the scientific and medical communities because they work through various mechanisms affecting intestinal somatic cells, the microbiome, and the immune system. human. To our knowledge, no therapeutic compound to date has been approved to treat ACS by this multifaceted mechanistic approach. In addition to our plans to initiate our first clinical trial in Australia, in line with feedback we received through interaction with the US Food and Drug Administration or FDA, Division of Gastroenterology, we have plans to undertake a confirmatory toxicology study, allowing the IND, which will be launched after the closing of this offer, before extending this clinical trial within the framework of an IND of the FDA in the United States. The FDA has provided us with guidance regarding toxicology studies published by third parties, suggesting that we should conduct our own confirmatory toxicology studies as part of good laboratory practice, or GLP, to include in our IND, which indicates that they consider HiMOs to be new molecular entities, or NMEs, when developed for therapeutic purposes. Going forward, we plan to evaluate OM002 for the treatment of the diarrhea-predominant form of IBS, or IBS-D. We believe that clinical, preclinical and toxicology data published by third parties on 2’FL, which report both preclinical and exploratory clinical data in infants, healthy volunteers and patients with IBS, support our therapeutic rationale for the clinical development of OM002 as a potential new drug. for the treatment of IBS-C and IBS-D. To date, no toxicity has been reported in human and animal studies with 2’FL. We believe that OM002 has the potential to be the first drug, if approved, to treat both IBS-C and IBS-D, which based on the estimated adult population reported in the census of 2020 and a prevalence rate of approximately 5.0% in adults, is estimated to affect more than 10 million patients in the United States alone. Note: Revenue and net loss figures are for the year ended December 31, 2021. “.
Intrinsic Medicine, Inc. was founded in 2018 and has 8 employees. The company is located at 500 Yale Avenue North Seattle, WA 98109 and can be reached by phone at (206) 426-3624 or on the web at http://www.intrinsicmedicine.com/.
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