Business
Bluejay Diagnostics, Inc. Reports Second Quarter 2022 Financial Results
ACTON, Mass., July 26, 2022 (GLOBE NEWSWIRE) -- Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the “Company”), a medical diagnostics company focused
About this update from Bluejay Diagnostics, Inc.
[{"type":"text","content":"ACTON, Mass., July 26, 2022 (GLOBE NEWSWIRE) -- Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the “Company”), a medical diagnostics company focused on developing cost-effective, rapid, near-patient tests for triage and monitoring of disease progression, today announced financial results for the quarter and six months ended June 30, 2022. Neil Dey, Chief Executive Officer, said, “This quarter was very exciting for Bluejay, announcing our plan to pursue a de Novo regulatory pathway and completion of our initial clinical studies for the Symphony IL-6 Test. In addition, we reported that results of our clinical studies will be published at the 2022 AACC Annual Scientific Meeting being held July 26th to 28th in Chicago.” Mr. Dey concluded, “Achievement of these milestones highlights Bluejay’s progression towards our goal of bringing to the market rapid, near-patient tests, using whole blood samples, to aid in the care of patients with life-threatening diseases. We have continued to invest in our manufacturing infrastructure as we prepare our FDA marketing application for submission, expected in the fourth quarter of 2022.” Financial Results for the Three Months Ended June 30, 2022 Cash and cash equivalents. Cash and cash equivalents on June 30, 2022 were $15.3 million, as compared to $19.0 million on December 31, 2021. The Company expects that its cash position will be sufficient to fund operations beyond the date of our anticipated regulatory approval and initial commercialization of the Symphony IL-6 Test. Revenue/Gross Profit. Bluejay recognized a small sale to a foreign development partner, which we do not consider an entry to the market or indicative of expected margins. Research and development expense. Research and development expenses for the three and six months ended June 30, 2022 were $756,000 and $1.5 million, respectively, as compared to $226,000 and $250,000, respectively, for the comparable periods in 2021. The increase in research and development expenses is due to the advancement of our clinical studies and to support scale-up manufacturing of the Symphony IL-6 Test. General and administrative expense. General and administrative expenses for the three and six months ended June 30, 2022 were $1.2 million and $2.5 million, respectively, as compared to $390,000 and $530,000, respectively, for the comparable peri...