bioAffinity Technologies, Inc. Announces Closing of $7.8 Million Initial Public Offering
September 06 2022 - 11:28AM
Business Wire
bioAffinity Technologies, Inc. (“bioAffinity” or the “Company”)
(NASDAQ: BIAF, BIAFW), a cancer diagnostics company that develops
noninvasive, early-stage diagnostics to detect cancer and diseases
of the lung and is researching targeted therapies to treat cancer,
announced today it has completed its previously announced initial
public offering (“IPO”) of 1,282,600 units, each consisting of one
share of common stock, one tradeable warrant to purchase one share
of common stock at an exercise price of $7.35 per share, and one
non-tradeable warrant to purchase one share of common stock at an
exercise price of $7.656 per share, for aggregate gross proceeds of
approximately $7.8 million, prior to deducting underwriting
discounts, commissions, and other offering expenses. In addition,
bioAffinity has granted the underwriters a 45-day option to
purchase up to 192,390 shares of common stock, and/or 192,390
tradeable warrants, and/or 192,390 non-tradeable warrants, or any
combination of additional shares of common stock and warrants
representing, in the aggregate, up to 15% of the number of the
units sold in this offering to cover over-allotments in this
offering.
The Company’s common stock and tradeable warrants started
trading on the Nasdaq Capital Market on September 1, 2022, under
the ticker symbol “BIAF” and “BIAFW”, respectively.
WallachBeth Capital, LLC and Craft Capital Management, LLC are
co-managers and co-book running managers for the offering.
The Company intends to use the proceeds from the offering to
expand existing operations and the commercialization of CyPath®
Lung. Proceeds may also be used in the Company’s pursuit of
regulatory approvals and research and development of additional
diagnostics, cancer therapeutics, and for working capital and
general corporate purposes.
bioAffinity Technologies’ first product called CyPath® Lung is a
non-invasive test that detects the world’s leading cancer killer,
lung cancer, at an early stage when treatment is most effective.
CyPath® Lung has shown high sensitivity and high specificity in
detecting early-stage lung cancer and is marketed as a Laboratory
Developed Test (LDT) by Precision Pathology Services in San
Antonio, Texas.
bioAffinity Technologies Chief Executive Officer Maria Zannes
said, “We are pleased to have concluded the IPO process and are
excited about opportunities that this funding and a presence on
NASDAQ will bring. bioAffinity has the utmost confidence in the
success of its business. The hard-working scientists and other
professionals at bioAffinity are committed to bringing to market
products that give people longer, healthier lives by the early
detection of cancer and other lung diseases and by advancing
therapeutic discoveries that treat cancer at the cellular
level.”
A registration statement on Form S-1, as amended (File No. 333-
264463) was filed with the Securities and Exchange Commission
(“SEC”) and was declared effective on August 29, 2022. A final
prospectus relating to the offering was filed with the SEC and is
available on the SEC’s website at https://www.sec.gov. Electronic
copies of the final prospectus relating to this offering may be
obtained from WallachBeth Capital, LLC, Attention: Capital Markets,
185 Hudson Street, Jersey City, NJ 07311, by telephone at
646-998-7608, or by email at cap-mkts@wallachbeth.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About CyPath® Lung
CyPath® Lung is a noninvasive test for the early detection of
lung cancer which uses flow cytometry to count and characterize
cells in a person’s sputum, or phlegm. The test’s automated
analysis of the flow cytometry data detects cell populations that
indicate cancer is present. CyPath® Lung has the potential to
increase overall diagnostic accuracy of lung cancer diagnosis
leading to increased survival while lowering the number of
unnecessary invasive procedures, reducing patient anxiety, and
lowering medical costs. CyPath® Lung is marketed as a Laboratory
Developed Test (LDT) by Precision Pathology Services.
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) addresses
the need for noninvasive diagnosis of early-stage cancer and
diseases of the lung and targeted cancer treatment. The Company’s
first product, CyPath® Lung, is a non-invasive test that has shown
high sensitivity and specificity for the detection of early-stage
lung cancer. CyPath® Lung is marketed as a Laboratory Developed
Test (LDT) by Precision Pathology Services. OncoSelect®
Therapeutics, LLC, a subsidiary of bioAffinity Technologies, is
advancing its discoveries shown in vitro to kill cancer cells
without harm to normal cells. Research and optimization of the
Company’s platform technologies are conducted in its laboratories
at The University of Texas at San Antonio.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the anticipated use of proceeds from
the Company’s offering of common shares. Forward-looking statements
can be identified by words such as “believes,” “expects,”
“estimates,” “intends,” “may,” “plans,” “will” and similar
expressions, or the negative of these words. Such forward-looking
statements are based on facts and conditions as they exist at the
time such statements are made and predictions as to future facts
and conditions. Readers of this press release are cautioned not to
place undue reliance on any forward-looking statements. The Company
does not undertake any obligation to update any forward-looking
statement relating to matters discussed in this press release,
except as may be required by applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20220906005868/en/
Company Contact: Maria Zannes, President & Chief
Executive Officer mz@bioaffinitytech.com
Investor Relations Contact: Tiberend Strategic Advisors,
Inc. Jonathan Nugent jnugent@tiberend.com or David Irish
dirish@tiberend.com
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