Bluejay Diagnostics closes $8.5 million private placement

Bluejay Diagnostics Inc. (NASDAQ: BJDX) closed a private placement that raised $8.5 million in gross proceeds, with the potential for an additional $15.2 million if warrants are fully exercised.

The medical diagnostics company sold 3,655,917 shares of common stock and accompanying warrants at $2.325 per share. The offering included series G warrants and short-term series H warrants, both with an exercise price of $2.075 per share and immediately exercisable upon issuance.

The series G warrants expire five years from the effective date of the resale registration statement, while the short-term series H warrants expire 24 months from that date. H.C. Wainwright & Co. served as the exclusive placement agent.

The company stated the net proceeds are expected to extend its cash runway into the first quarter of 2027, beyond its anticipated FDA submission. If warrants are exercised in full for cash, Bluejay said the cash runway would extend beyond FDA approval and the first full year of commercialization.

Bluejay plans to use the proceeds for FDA approval-related activities including clinical studies, other research and development activities, and general working capital needs. The company develops near-patient testing systems for critical care, with its first product candidate being an IL-6 test for sepsis designed to provide results in approximately 20 minutes.

The securities were offered under a private placement exemption and have not been registered under the Securities Act. The company has agreed to file a resale registration statement covering the securities as part of a registration rights agreement with investors.

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