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Bluejay Diagnostics Reports First Quarter 2023 Financial Results
ACTON, Mass., May 10, 2023 (GLOBE NEWSWIRE) -- Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the “Company”), a medical diagnostics company developing
About this update from Bluejay Diagnostics, Inc.
[{"type":"text","content":"ACTON, Mass., May 10, 2023 (GLOBE NEWSWIRE) -- Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the “Company”), a medical diagnostics company developing rapid tests using whole blood on its Symphony platform to improve patient outcomes in critical care settings, today announced financial results for the quarter ended March 31, 2023. “Our journey continues towards realizing Bluejay’s vision of improving patient outcomes by addressing time-sensitive, life-saving needs in critical care settings,” said Neil Dey, CEO of Bluejay Diagnostics. “Symphony’s potential to be a rapid near-patient testing platform providing laboratory quality results has already been affirmed by IL-6 data from our comprehensive clinical studies. More recently, all resources and efforts at Bluejay have been focused on aligning our expanded clinical study with FDA feedback to optimize the pathway to regulatory approval. We look forward to providing an update on our Symphony IL-6 clinical program during this quarter.” Financial Results for the Three Months Ended March 31, 2023: Cash and cash equivalents. Cash and cash equivalents on March 31, 2023 were $6.8 million, as compared to $10.1 million on December 31, 2022. The Company will limit its cash burn during the FDA submission process and continue to closely monitor the management of its liquidity. Research and development expense. Research and development expenses for the three months ended March 31, 2023 was approximately $1.4 million as compared to approximately $695,000 for the same period in 2022. The increase in research and development expenses was primarily due to an increase in personnel costs and clinical trials expenses. We expect future research and development expenses to be focused on costs specifically associated with our clinical trial program supporting our regulatory strategy and any necessary manufacturing improvements. General and administrative expense. General and administrative expenses for the three months ended March 31, 2023 was approximately $1.2 million as compared to approximately $1.3 million for the comparable period in 2022. The minor decrease in general and administrative expenses is due to continued efforts to preserve capital by limiting our investment in infrastructure commensurate with our commercialization timeline. We expect to monitor and continue to pare our genera...