Biotech startup developing therapies that match molecules in breast milk withdraws IPO application – GeekWire

Alex Martinez, CEO of Intrinsic Medicine. (Intrinsic Photo)

A dormant Seattle biotech, Intrinsic Medicine, filed for an IPO in April but pulled its plans yesterday, according to a regulatory filing.

Intrinsic medicine is developing sugar-based molecules that mimic those found in breast milk. Such oligosaccharides are thought to help modulate the immune system and affect the gut microbiome, the collection of microbes in the gut.

Founded in 2018, the company has preclinical programs to develop the oligosaccharides for conditions such as atopic dermatitis, autism spectrum disorders and rheumatoid arthritis.

The company’s team includes CEO and co-founder Alex Martinez, formerly head of corporate development at Ionis Pharmaceuticals; COO and Co-Founder Jason Ferrone, former executive at Ionis Pharmaceuticals; and Chief Medical Officer Emil Chuang, former Global Head of Translational Research and Early Gastroenterology Clinic at Takeda Pharmaceuticals.

In its filing for an IPO, the company said it plans to initiate a phase 2 clinical trial in Australia in patients with irritable bowel syndrome.

Intrinsic said it aims to raise $20.3 million from the IPO, according to a filing filed in May.

The company had a net loss of $11.9 million last year. As of March 15, it had eight full-time employees.

Intrinsic said it raised about $9.5 million in private funds. Funders include SOSV, a Princeton, NJ-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 original IPO filing, “If the Company is unable to obtain financing, the Company will be required to delay, reduce or discontinue some or all of its research and development programs and efforts.”

GeekWire has contacted the company for more details and will update this post when we receive feedback.