$58M Merger: Chain Bridge I Acquires Cannabinoid Medicines Innovator, Eyes Nasdaq Listing
Chain Bridge I (NASDAQ:CBRG) announced on Monday the acquisition of Phytanix Bio, a pharmaceutical company specializing in the development of therapeutics based on cannabinoid and cannabinoid-like molecules. The transaction, valued at $58 million, also includes the assumption of preferred stock and short-term debt, which will convert to preferred stock upon the deal’s closure, slated for the fourth quarter of 2024.
Phytanix Bio’s Strategic Acquisition Overview
Phytanix Bio, a company founded by former GW Pharmaceuticals leaders, holds exclusive intellectual property that has been central to the creation of FDA-approved cannabinoid-based medicines like Sativex and Epidiolex. With the acquisition, the newly formed entity will be listed on the Nasdaq under the ticker “PHYX”, encapsulating a shared vision for advancing therapeutic solutions for conditions with significant unmet medical needs.
The combined company, to be named Phytanix Inc., will be spearheaded by Barrett Evans as CEO, a key figure from EMC2 Capital. Other founders, including Colin Stott and Dominic Schiller, will assume roles as COO and head of legal and IP strategy, respectively, ensuring the continuity of innovative leadership that …