BullFrog AI Holdings, which is developing an AI/ML platform for drug development, raised $8 million by offering 1.3 million units at $6.50, as expected. Each unit consists of one share of common stock, one tradeable warrant exercisable at $7.80, and one non-tradeable warrant exercisable at $8.13.
Because the company offered units with warrants attached and priced at a market cap 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 plans to list on the Nasdaq under the symbol BFRG. WallachBeth Capital and Kingswood Capital Markets acted as joint bookrunners on the deal.
