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

Phytanix Bio is a preclinical stage pharmaceutical company founded by former members and associates of GW Pharmaceuticals, holding exclusive cannabinoid and cannabinoid-like medicine intellectual property (IP) The transaction reflects a pre-deal valuation of $58 million for Phytanix Bio plus the assumption of $17 million of preferred stock and $4.4 million of short-term debt that will be exchanged for convertible preferred stock at deal close The business combination is expected to be completed in the fourt ...