BullFrog AI Holdings, which is developing an AI/ML platform for drug development, raised the proposed price for its upcoming IPO on Tuesday.
The Gaithersburg, MD-based company now plans to raise $9 million by offering 1.3 million units at a price of $6.50. The company had previously filed to offer the same number of units at $6.38. Each unit consists of one share of common stock and two warrants, one of which is exercisable at 120% of the IPO price. The other is a five-year non-tradable warrant exercisable at 125% of the IPO price. At the revised price, BullFrog AI Holdings will raise 2% more in proceeds than previously anticipated and command a market value of $37 million.
Because the company plans to offer units with warrants attached, and its post-IPO market cap is below $50 million, BullFrog AI will be excluded from Renaissance Capital's 2022 IPO stats.
BullFrog AI uses artificial intelligence and machine learning (AI/ML) to advance medicines for both internal and external projects. Its platform technology, bfLEAP, is an analytical AI/ML platform derived from technology developed at the Johns Hopkins University Applied Physics Laboratory. The company is deploying bfLEAP at several stages of development for internal programs and through strategic partnerships and collaborations with the intention of streamlining data analytics in therapeutics development. BullFrog AI has not generated any revenues to date.
BullFrog AI Holdings was founded in 2017 and plans to list on the Nasdaq under the symbol BFRG. WallachBeth Capital and Kingswood Capital Markets are the joint bookrunners on the deal.
