DariaRen
AI-based drug developer Bullfrog AI (BFAI) has filed for a propose $8M initial public offering.
The Maryland-based biotech said in a filing that it is looking at offering 1.3M units at the assumed priced of $6.375 per unit. Each unit would consist of one share plus one warrant to buy one share.
Underwriters would be granted a 45-day option to buy up to 198K additional shares and/or warrants at the IPO price. Wallachbeth Capital and Viewtrade Securities are serving as lead bookrunners.
The company hopes to list its shares on Nasdaq under the symbol BFAI. It also intends to conduct a 1-for-7 reverse stock split ahead of the deal.
Bullfrog plans to develop precision medicine therapeutics using its AI-based drug development platform. The company intends to partner with biopharma companies in a fee-for-service model to assist them with their drug development programs and to acquire the rights to drug candidates that require further development. It also intends to start its own drug discovery program.
A development stage company, Bullfrog reported a net loss of $586K for 2021 with no revenue.
Bullfrog is the latest biotech company to file for an IPO, despite a marked slowdown in offerings. On Thursday, Prime Medicine (PRME) raised $175M through an upsized offering.
