Bluejay Diagnostics raises $4.5 million in private placement

ACTON, Mass. - Bluejay Diagnostics, Inc. (NASDAQ:BJDX), whose stock has surged over 16% in the past week according to InvestingPro data, announced Thursday it has entered into definitive agreements to raise $4.5 million through a private placement of common stock and warrants priced at-the-market under Nasdaq rules.

The medical diagnostics company will sell 2,250,000 shares of common stock (or pre-funded warrants) and Series F warrants to purchase up to 4,500,000 additional shares. The offering is priced at $2.00 per share with accompanying warrants having an exercise price of $1.75 per share. The company maintains a strong liquidity position with a current ratio of 4.56 and holds more cash than debt on its balance sheet.

The Series F warrants will be exercisable immediately upon issuance and will expire 5.5 years from issuance date. Rodman and Renshaw LLC is serving as the exclusive placement agent for the offering.

According to the company, the private placement is expected to close around October 10, subject to customary closing conditions. Bluejay intends to use the net proceeds to fund FDA approval efforts, including related clinical studies, as well as other research and development activities and general working capital needs. This funding comes at a crucial time, as InvestingPro analysis shows the company has been quickly burning through cash, with an EBITDA of -$6.65 million in the last twelve months.

The securities are being 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 provide results in approximately 20 minutes. Based on InvestingPro’s Fair Value analysis, the stock appears fairly valued at current levels, with 10 additional ProTips available to subscribers regarding the company’s financial health and market performance.

This information is based on a press release statement from the company.

In other recent news, Bluejay Diagnostics has announced an expansion of its manufacturing partnership with Japan’s SanyoSeiko Co., Ltd. This development involves amendments to their Master Service and Master Supply Agreements, which will enhance SanyoSeiko’s role in commercializing Bluejay’s Symphony platform. The Symphony platform is designed for rapid biomarker detection, including IL-6 for sepsis management. This expanded partnership is expected to provide comprehensive support for the platform, potentially impacting its market reach and operational efficiency. These recent developments come as Bluejay Diagnostics continues to focus on advancing its near-patient testing solutions.

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