bioAffinity Technologies Announces $2.66 Million Offering with Concurrent Private Placement
bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology firm dedicated to noninvasive cancer detection, has entered into a securities purchase agreement with institutional investors for the sale of 2,048,294 shares of common stock in a registered direct offering priced at $1.30 per share. Additionally, the company is conducting a concurrent private placement of common warrants, which allow the purchase of up to 2,662,782 shares at an exercise price of $1.50 per share. The warrants will become exercisable once approved by the company’s stockholders and will expire five years from that approval date.
The offering is expected to close around October 21, 2024, pending standard closing conditions. The gross proceeds from this offering are projected to be approximately $2,662,782, excluding any funds from the exercise of the warrants and before deducting fees and expenses.
WallachBeth Capital serves as the sole placement agent for this offering.
The common stock will be issued under an effective shelf registration statement on Form S-3 (File No: 333-275608), which the U.S. Securities and Exchange Commission (SEC) declared effective on November 27, 2023. A prospectus supplement detailing the offering terms will be filed with the SEC and available on their website. Electronic copies may also be requested from WallachBeth Capital via email, phone, or standard mail.
The private placement of the warrants relies on exemptions from registration under Section 4(a)(2) of the Securities Act and Regulation D. As such, these securities may not be offered or sold in the U.S. without an effective registration statement or applicable exemption.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities in any jurisdiction where such offer or sale would be unlawful prior to registration or qualification under applicable state securities laws.
About CyPath® Lung
CyPath® Lung uses proprietary advanced flow cytometry and artificial intelligence (AI) to identify cell populations in patient sputum that indicate malignancy. Automated data analysis helps determine if cancer is present or if the patient is cancer-free. CyPath® Lung incorporates a fluorescent porphyrin that is preferentially taken up by cancer and cancer-related cells. Clinical study results demonstrated that CyPath® Lung had 92% sensitivity, 87% specificity and 88% accuracy in detecting lung cancer in patients at high risk for the disease who had small lung nodules less than 20 millimeters. Diagnosing and treating early-stage lung cancer can improve outcomes and increase patient survival. For more information, visit www.cypathlung.com.
About bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW)
bioAffinity Technologies, Inc. addresses the need for noninvasive diagnosis of early-stage cancer and other diseases of the lung and broad-spectrum cancer treatments. The Company’s first product, CyPath® Lung, is a noninvasive test that has shown high sensitivity, specificity and accuracy for the detection of early-stage lung cancer. CyPath® Lung is marketed as a Laboratory Developed Test (LDT) by Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies.
