bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology company dedicated to noninvasive tests for early-stage cancer detection, has announced a securities purchase agreement with institutional investors. This agreement includes the sale of 2,048,294 shares of common stock in a registered direct offering at a price of $1.30 per share. Additionally, the company will offer common warrants to purchase up to 2,662,782 shares at an exercise price of $1.50 per share. The warrants will be exercisable upon stockholder approval and will expire five years from that date.
The offering is expected to close around October 21, 2024, pending customary closing conditions. The gross proceeds are estimated at approximately $2,662,782, excluding any potential proceeds from the warrants and before deducting placement agent fees and other expenses.
WallachBeth Capital is serving as the sole placement agent for this offering.
The shares will be issued under an effective shelf registration statement on Form S-3 (File No: 333-275608) previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on November 27, 2023.
The private placement of the warrants is being conducted under an exemption from registration per Section 4(a)(2) of the Securities Act and/or Regulation D. As a result, the securities from this private placement cannot be offered or sold in the U.S. without a valid registration statement or applicable exemption.
This press release does not constitute an offer to sell or a solicitation of offers to buy these securities in any jurisdiction where such an offer would be unlawful prior to registration or qualification under applicable securities laws.
About CyPath® Lung
CyPath® Lung employs advanced flow cytometry and artificial intelligence (AI) to detect malignancies in patient sputum samples. It uses automated data analysis to determine cancer presence. The test includes a fluorescent porphyrin that is preferentially absorbed by cancerous cells. Clinical studies show that CyPath® Lung achieved 92% sensitivity, 87% specificity, and 88% accuracy in detecting lung cancer in high-risk patients with small nodules. Early detection and treatment of lung cancer significantly improve patient outcomes.
About bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW)
bioAffinity Technologies focuses on noninvasive diagnostics for early-stage cancer and other lung diseases. Its flagship product, CyPath® Lung, is a noninvasive test known for its high sensitivity and accuracy in detecting early-stage lung cancer. CyPath® Lung is marketed as a Laboratory Developed Test (LDT) through Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies.
