bioAffinity Technologies Announces $2.66 Million Registered Direct Offering and Concurrent Private Placement
bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology company dedicated to developing noninvasive tests for early-stage cancer detection, has entered into a securities purchase agreement with institutional investors. This agreement involves the purchase of 2,048,294 shares of common stock in a registered direct offering at $1.30 per share. Additionally, the company is conducting a concurrent private placement of common warrants that allow for the purchase of up to 2,662,782 shares of common stock at an exercise price of $1.50 per share. These warrants will be exercisable once the company’s stockholders approve the exercise and will expire five years after such approval.
The offering is expected to close on or around October 21, 2024, pending the fulfillment of customary closing conditions. The gross proceeds from the offering are anticipated to be approximately $2,662,782, excluding any potential proceeds from warrant exercises and before deducting placement agent fees and other offering expenses.
WallachBeth Capital is acting as the sole placement agent for this offering.
The common stock 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. A prospectus supplement detailing the terms of the registered direct offering will be filed with the SEC and will be accessible on the SEC’s website at http://www.sec.gov. Interested parties may also obtain electronic copies of the prospectus supplement from WallachBeth Capital, LLC, by emailing [email protected], calling +1 (646) 237-8585, or mailing inquiries to WallachBeth Capital LLC, Attn: Capital Markets, 185 Hudson St., Suite 1410, Jersey City, NJ 07311, USA.
The private placement of the warrants will be made under exemptions from registration pursuant to Section 4(a)(2) of the Securities Act and/or Regulation D. As such, the securities from this private placement cannot be offered or sold in the United States except through an effective registration statement or applicable exemptions from registration under the Securities Act and relevant state securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
About CyPath® Lung
CyPath® Lung employs proprietary advanced flow cytometry and artificial intelligence (AI) to identify cell populations in patient sputum that may indicate malignancy. Automated data analysis assists in determining whether cancer is present or if the patient is cancer-free. The CyPath® Lung system uses a fluorescent porphyrin preferentially absorbed by cancerous and cancer-related cells. Clinical studies have shown that CyPath® Lung achieves 92% sensitivity, 87% specificity, and 88% accuracy in detecting lung cancer in patients at high risk with small lung nodules measuring less than 20 millimeters. Early diagnosis and treatment of lung cancer can significantly enhance outcomes and increase patient survival rates.
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.
