bioAffinity Technologies Receives Additional $7.7M from Exercise of Warrants, Total Capital from Public Offering Increases to Approximately $15.6M

On September 28, 2022 bioAffinity Technologies, Inc. (NASDAQ: BIAF) (NASDAQ: BIAFW) reported the receipt of approximately $7.7 million in additional gross proceeds from the exercise of tradeable and non-tradable warrants issued in the Company’s September 6, 2022, public offering of securities (Press release, BioAffinity Technologies, SEP 28, 2022, View Source [SID1234621500]).

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Investors participating in bioAffinity Technologies’ financing exercised a total of 725,576 tradeable warrants at a price of $7.35 per share and 310,910 non-tradable warrants at a price of $7.656 per share. Combined with the Company’s underwritten public offering of 1,282,600 units, each consisting of one share of common stock, one tradeable warrant and one non-tradeable warrant, in which the Company announced the receipt of gross proceeds of approximately $7.9 million, the Company has received an aggregate of approximately $15.6 million as of September 28, 2022.

The Company intends to use the proceeds from the offering to expand existing operations and the commercialization of CyPath Lung, 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.

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.