AI-based drug developer Bullfrog recordsdata for proposed $8M IPO

AI-based drug developer Bullfrog AI (BFAI) has filed for a suggest $8M preliminary public providing.

The Maryland-based biotech mentioned in a submitting that it’s providing 1.3M models on the assumed priced of $6.375 per unit. Every unit would consist of 1 share plus one warrant to purchase one share.

Underwriters can be granted a 45-day possibility to purchase as much as 198K further shares and/or warrants on the IPO worth. Wallachbeth Capital and Viewtrade Securities are serving as lead bookrunners.

The corporate hopes to listing its shares on Nasdaq beneath the image BFAI. It additionally intends to conduct a 1-for-7 reverse inventory cut up forward of the deal.

Bullfrog plans to develop precision medication therapeutics utilizing its AI-based drug improvement platform. The corporate intends to companion with biopharma corporations in a fee-for-service mannequin to help them with their drug improvement packages and to accumulate the rights to drug candidates that require additional improvement. It additionally intends to start out its personal drug discovery program.

A improvement stage firm, Bullfrog reported a internet lack of $586K for 2021 with no income.

Bullfrog is the newest biotech firm to file for an IPO, regardless of a marked slowdown in choices. On Thursday, Prime Medication (PRME) raised $175M by way of an upsized providing.