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Chain Bridge I (CBRG) has announced a definitive agreement to acquire Phytanix Bio, creating a new public company focused on developing next-generation cannabinoid and cannabinoid-like medicines. Phytanix Bio, a preclinical stage pharmaceutical company, holds exclusive intellectual property for such medicines.
The transaction values Phytanix at $58 million and includes the assumption of $17 million in preferred stock and $4.4 million in short-term debt, which will be converted to convertible preferred stock at closing. The merger is expected to complete in Q4 2024, with the combined entity listed on Nasdaq under the ticker 'PHYX'.
Phytanix will be led by experienced founders from GW Pharmaceuticals, with Colin Stott as COO, Dominic Schiller handling legal and IP strategy, and Barrett Evans as CEO. The new company aims to advance its lead product candidates into clinical trials, targeting treatment-resistant facial seizures and Painful Bladder Syndrome.
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