NEW YORK — Bluejay Diagnostics on Wednesday went public on the Nasdaq raising approximately $21.6 million.
The Acton, Massachusetts-based diagnostic test developer priced its initial public offering of 2.16 million units at $10 per share. Each unit consists of one share of common stock; one Class A warrant to purchase one share of common stock at an exercise price equal to $7.00 per share, exercisable until the fifth anniversary of the issuance date; and one Class B warrant to purchase one share of common stock at an exercise price equal to $10.00 per share, exercisable until the fifth anniversary of the issuance date.
Bluejay, which will trade under ticker symbol BJDX, also has granted the underwriters a 45-day option to purchase up to an additional 324,000 shares of common stock, 324,000 Class A warrants, and 324,000 Class B warrants.
Dawson James Securities and I-Bankers Direct were joint bookrunning managers for the offering, which is expected to close on or about Nov. 12.
Bluejay anticipates using the net proceeds from the offering for general corporate purposes and to support the development and marketing of its first product, the IL-6 Sepsis Triage test, to provide sample-to-answer results in approximately 24 minutes and to help medical professionals make decisions about triage and treatment.
Bluejay said it is also developing the tabletop Symphony System, a rapid, near-patient instrument for triage, diagnosis, and monitoring of disease progression in hospital and long-term acute care settings.
Symphony has the potential to provide laboratory quality results "in the clinic, intensive care unit, emergency room, and in other hospital and clinical settings where rapid and reliable results are required," the firm said in a Form S-1 filing with the US Securities and Exchange Commission in October.
If Symphony receives regulatory clearance, authorization, or approval from the US Food and Drug Administration, it can meet a market need for an onsite, rapid diagnostic instrument and test for both testing and monitoring, the firm added.
When a small-volume blood sample has been transferred to a single-use Symphony cartridge, "no additional sample preparation or pre-processing is required" the firm said in its filing, adding that based on the results of a clinical study, it believes Symphony "may be able to eliminate the time required for transportation and logistics, and may be able to eliminate the number of operational touch-points from sample-to-result from six to two."
The firm said that its technology is the result of more than 12 years of development by Toray Industries and that the Tokyo-based firm has offered the technology as a research-use-only product in Japan for the past three years for measurement of IL-6 in rheumatoid arthritis to monitor disease progression.
Last December, Bluejay announced it had inked an agreement with Toray to develop a Symphony IL-6 test to assess the progression of COVID-19.