Chain Bridge I to buy Phytanix Bio

Written by Emily J. Thompson, Senior Investment Analyst

Source: SeekingAlpha

Updated: Jul 22 2024

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CBRG-18.68%

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Source: SeekingAlpha

Business Combination Announcement: Phytanix Bio and Chain Bridge I have entered into a definitive agreement for a business combination, expected to close in Q4 2024, with Phytanix anticipated to receive up to $11M in cash from CBRG's trust.
Leadership and Future Plans: The combined entity will be named Phytanix, listed on Nasdaq under the ticker “PHYX,” and will be led by Phytanix Bio’s founders, with Barrett Evans serving as CEO.

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About CBRG

Chain Bridge I is a blank check company. The Company is incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It intends to focus its efforts in identifying a prospective target company possessing emerging, innovative technology that can help the United States (U.S) government and its allies compete in the national security arena. It intends to focus for companies in various areas, including artificial intelligence and machine learning, autonomous systems; bio-defense, biomaterials and biotechnology; security, particularly cybersecurity; digital intelligence and data; intelligent connectivity; microelectronics, and trusted infrastructure. It has no operations and has generated no revenues.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

Chain Bridge I to Acquire Phytanix Bio, Creating a New Public Company Focused on Developing Next Generation Cannabinoid and Cannabinoid-like Medicines

Jul 22 2024Newsfilter

Phytanix Bio and Chain Bridge I Merger: Phytanix Bio, a preclinical pharmaceutical company focused on cannabinoid-based medicines, has announced a merger with Chain Bridge I (CBRG), valuing the combined entity at approximately $58 million, with plans to list on Nasdaq under the ticker "PHYX" by Q4 2024.
Leadership and Drug Development Focus: The new company will be led by experienced executives from Phytanix Bio, aiming to advance innovative cannabinoid therapies for conditions like treatment-resistant facial seizures and Painful Bladder Syndrome, leveraging their extensive expertise in drug development and intellectual property.