Life sciences SPAC Intelligent Medicine Acquisition files for a $150 million IPO

Intelligent Medicine Acquisition, a blank check company targeting life science businesses using AI, ML, and big data, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.

The Bethesda, MD-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Intelligent Medicine Acquisition would command a market value of $188 million.

The company is led by CEO, CFO, and Director Gregory Simon, the former Executive Director of the White House Cancer Moonshot Task Force and co-founder and former President of the Biden Cancer Initiative, and Chairman Jack Hidary, the co-founder of Vista Research and EarthWeb. The company plans to target life science companies that are using artificial intelligence (AI), machine learning (ML), and big data to create a new model of drug discovery through research and development that is faster, less expensive, and more predictable.

Intelligent Medicine Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol IQMDU. The company filed confidentially on March 19, 2021. Cantor Fitzgerald is the sole bookrunner on the deal.