WallachBeth Capital Closes Bullfrog AI Offering, Raising $3.13 Million
Monday, Oct 21, 2024 1:06 pm ET
1min read WallachBeth Capital has successfully closed a registered direct offering and concurrent private placement for Bullfrog AI Holdings, Inc. (NASDAQ:BFRG; BFRGW), raising aggregate gross proceeds of $3.13 million. This capital infusion will significantly bolster Bullfrog AI's financial position and support its AI-driven drug development initiatives.
Bullfrog AI, a technology-enabled drug development company, focuses on using artificial intelligence and machine learning to streamline the development of pharmaceuticals and biologics. The company's proprietary bfLEAP™ artificial intelligence platform enables it to create and analyze networks of biological, clinical, and real-world data, enhancing the efficiency of drug development.
The offering included the sale of 1,565,000 shares of common stock (or equivalents) and common warrants to purchase up to 1,565,000 shares at a combined purchase price of $2.00. The warrants have an exercise price of $2.00 per share, are initially exercisable six months from issuance, and will expire five years from the initial exercise date. WallachBeth Capital acted as the sole placement agent for the offering.
The raised capital will be allocated across various AI-driven drug development projects, enabling Bullfrog AI to advance its pipeline and expand its capabilities. The funds will also support strategic partnerships and collaborations to enhance its AI capabilities and drug pipeline. Additionally, Bullfrog AI plans to use the capital to expand its team and infrastructure, further supporting its growth and development.
Bullfrog AI will prioritize regulatory and clinical milestones with the raised capital to advance its drug candidates. This includes conducting preclinical and clinical trials, as well as engaging with regulatory authorities to ensure compliance with relevant guidelines and standards.
In conclusion, WallachBeth Capital's successful closing of the Bullfrog AI offering has provided the company with a significant financial boost. With the raised capital, Bullfrog AI is well-positioned to advance its AI-driven drug development projects, expand its capabilities, and ultimately deliver innovative pharmaceuticals and biologics to the market.
Bullfrog AI, a technology-enabled drug development company, focuses on using artificial intelligence and machine learning to streamline the development of pharmaceuticals and biologics. The company's proprietary bfLEAP™ artificial intelligence platform enables it to create and analyze networks of biological, clinical, and real-world data, enhancing the efficiency of drug development.
The offering included the sale of 1,565,000 shares of common stock (or equivalents) and common warrants to purchase up to 1,565,000 shares at a combined purchase price of $2.00. The warrants have an exercise price of $2.00 per share, are initially exercisable six months from issuance, and will expire five years from the initial exercise date. WallachBeth Capital acted as the sole placement agent for the offering.
The raised capital will be allocated across various AI-driven drug development projects, enabling Bullfrog AI to advance its pipeline and expand its capabilities. The funds will also support strategic partnerships and collaborations to enhance its AI capabilities and drug pipeline. Additionally, Bullfrog AI plans to use the capital to expand its team and infrastructure, further supporting its growth and development.
Bullfrog AI will prioritize regulatory and clinical milestones with the raised capital to advance its drug candidates. This includes conducting preclinical and clinical trials, as well as engaging with regulatory authorities to ensure compliance with relevant guidelines and standards.
In conclusion, WallachBeth Capital's successful closing of the Bullfrog AI offering has provided the company with a significant financial boost. With the raised capital, Bullfrog AI is well-positioned to advance its AI-driven drug development projects, expand its capabilities, and ultimately deliver innovative pharmaceuticals and biologics to the market.
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