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ACTON, Mass. - Bluejay Diagnostics, Inc. (NASDAQ:BJDX), which has seen its stock surge 113% in the past week according to InvestingPro data, announced today the closing of its previously disclosed private placement, raising $4.5 million in gross proceeds before deducting placement agent fees and other offering expenses.
The medical diagnostics company, currently valued at $4.9 million in market capitalization, sold an aggregate of 2,250,000 shares of common stock (or pre-funded warrants) and Series F warrants to purchase up to 4,500,000 shares of common stock. The offering was priced at $2.00 per share with accompanying warrants priced at-the-market under Nasdaq rules.
The Series F warrants have an exercise price of $1.75 per share, are immediately exercisable, and will expire five and a half years from issuance. Rodman and Renshaw LLC served as the exclusive placement agent for the transaction.
According to the company’s press release statement, Bluejay intends to use the net proceeds to fund FDA approval-related matters, including clinical studies, as well as other research and development activities and general working capital needs. InvestingPro analysis indicates the company has been quickly burning through cash, though it maintains a healthy current ratio of 4.56, suggesting strong short-term liquidity.
The securities were offered through a private placement under Section 4(a)(2) of the Securities Act of 1933 and have not been registered under the Securities Act or applicable state securities laws. The company has agreed to file a resale registration statement covering the securities.
Bluejay Diagnostics focuses on developing its Symphony System, a near-patient testing system for sepsis triage and monitoring. The company’s first product candidate is an IL-6 Test for sepsis designed to deliver results in approximately 20 minutes. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading above its intrinsic value, with 12 additional ProTips available for subscribers.
In other recent news, Bluejay Diagnostics announced a significant development in its financial strategy by raising $4.5 million through a private placement of common stock and warrants. The company will sell 2,250,000 shares of common stock and Series F warrants, with the offering priced at $2.00 per share and accompanying warrants having an exercise price of $1.75 per share. Additionally, Bluejay Diagnostics has expanded its manufacturing partnership with Japan’s SanyoSeiko Co., Ltd., amending their Master Service and Master Supply Agreements. This expansion aims to enhance the commercialization of Bluejay’s Symphony platform, a rapid near-patient testing system. SanyoSeiko will now provide comprehensive support for the Symphony platform, which includes biomarker detection capabilities such as IL-6 for sepsis management. These recent developments highlight Bluejay Diagnostics’ strategic moves to strengthen its financial position and broaden its manufacturing capabilities.
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