The Zhitong Finance App learned that drug developer Bullfrog AI Holdings increased its IPO pricing. The company currently plans to issue 1.3 million securities at a price of 6.5 dollars to raise 9 million dollars. The company had previously applied to issue the same amount of securities for $6.38. Each security includes one common share and two warrants. One of these warrants can be exercised at 120% of the IPO price, and the other warrants that cannot be traded within five years can be executed at 125% of the IPO price.

According to the revised price, BullFrog AI Holdings will raise 2% more capital than previously anticipated, with a market capitalization of 37 million US dollars.

BullFrog AI uses artificial intelligence and machine learning (AI/ML) to improve medicines for internal and external projects. The company's AI/ML platform, BFleap, was initially created by technology developed by Johns Hopkins University's Applied Physics Laboratory. So far, BullFrog AI hasn't generated any revenue.

BullFrog AI was founded in 2017 and is headquartered in Maryland. The company plans to list on NASDAQ under the code BFRG. WallachBeth Capital and Kingswood Capital Markets are the co-underwriters of this deal.