On September 6, 2022 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, reported 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 (Press release, BioAffinity Technologies, SEP 6, 2022, View Source [SID1234619090]). 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.
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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 View Source 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 [email protected].
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.