Intelligent Medicine Acquisition, a blank check company targeting life science businesses using AI, ML, and big data, raised $180 million by offering 18 million units at $10. The company offered 3 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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, 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 plans to list on the Nasdaq under the symbol IQMDU. Cantor Fitzgerald acted as sole bookrunner on the deal.
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