A quiet Seattle biotech company, Intrinsic Medicine, filed to go public in April but withdrew its plans yesterday, according to a regulatory filing.
Intrinsic Medicine is developing sugar-based molecules matching those found in human milk. Such oligosaccharides are thought to help modulate the immune system and affect the gut microbiome, the collection of microbes in the intestine.
The company, founded in 2018, has preclinical programs developing the oligosaccharides for conditions including atopic dermatitis, autism spectrum disorder, and rheumatoid arthritis.
The company’s team includes CEO and co-founder Alex Martinez, previously director of corporate development for Ionis Pharmaceuticals; COO and co-founder Jason Ferrone, a former executive at Ionis Pharmaceuticals; and chief medical officer Emil Chuang, former global head of translational research and early clinical for gastroenterology at Takeda Pharmaceuticals.
In its filing for an IPO, the company said it planned to initiate a phase 2 clinical trial in Australia in patients with irritable bowel syndrome.
Intrinsic said it aimed to raise $20.3 million from the IPO, according to a May filing.
The company had a $11.9 million net loss last year. It had eight full-time employees as of March 15.
Intrinsic said it raised approximately $9.5 million in private funding. Backers include SOSV, a Princeton, N.J.-based venture capital firm, as well as CRCM Opportunity Fund, and Washington Research Foundation Capital. The company graduated from SOSV’s IndieBio Venture Accelerator program.
According to the initial IPO filing, “If the company is unable to obtain funding, the company will be required to delay, reduce or eliminate some or all of its research and development programs and efforts.”
GeekWire has reached out the company for additional details, and will update this post when we hear back.