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bioAffinity Technologies, Inc. (NASDAQ: BIAF) is a pioneering biotechnology company dedicated to addressing the critical need for the early detection and targeted treatment of cancer and lung diseases. The company develops proprietary, noninvasive diagnostic tests and cancer therapeutics that focus on the cellular level, which has the potential to significantly improve patient outcomes.
One of the company’s leading innovations is the CyPath® Lung test, a noninvasive diagnostic tool designed to detect early-stage lung cancer. This test employs flow cytometry technology to analyze sputum samples, which can dramatically increase diagnostic accuracy, reduce the need for invasive procedures, and lower medical costs while enhancing patient comfort and survival rates. CyPath® Lung has been licensed by Precision Pathology Services for further development and commercial sale as a laboratory-developed test.
Recent company milestones include a securities purchase agreement with institutional investors, announced on March 6, 2024, by WallachBeth Capital LLC. This agreement involves a registered direct offering and a concurrent private placement, expected to raise approximately $2.5 million. The proceeds will support the company's ongoing research, development activities, and potential commercialization efforts.
Financially, bioAffinity Technologies is actively engaging with institutional investors to secure funding necessary for its ambitious projects. The company’s efforts are supported by an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) and the strategic guidance of WallachBeth Capital, which provides comprehensive capital market and investment banking services tailored to the healthcare sector.
Through its innovative approach and strong industry partnerships, bioAffinity Technologies aims to revolutionize cancer diagnosis and treatment, ultimately improving survival rates and quality of life for patients worldwide.
bioAffinity Technologies (Nasdaq: BIAF; BIAFW) announced that CFO Michael Dougherty is resigning to accept a position in the Pacific Northwest energy industry. J. Michael Edwards, who served as bioAffinity's consulting CFO from 2014 to 2023 and oversaw the company's IPO in 2022, will return as interim CFO until a permanent replacement is found.
Dougherty will continue in his role until September 15, 2024, assisting with the transition. The company expects a smooth handover due to the strong team and financial processes Dougherty established. Edwards, with over 25 years of experience in corporate finance and accounting, will ensure continuity in the Finance Department.
bioAffinity Technologies, focused on developing noninvasive tests for early-stage cancer detection, will immediately begin searching for a permanent CFO.
bioAffinity Technologies (Nasdaq: BIAF) reported $2.4 million revenue for Q2 2024, driven by growing CyPath® Lung sales. Key highlights include:
- Q2 CyPath® Lung test sales up 217% over Q1 2024
- Expanded sales to 8 states outside Texas
- Raised full-year CyPath® Lung sales forecast by 85%
- Forecasting $9.6 million in 2024 revenues for subsidiary PPLS, up 23% over 2023
- Number of physician offices ordering CyPath® Lung up 144% since Jan. 1, 2024
- Closed a $1.75 million offering to fund growth
The company reported a net loss of $2.1 million for Q2 2024. Cash and equivalents were $0.8 million as of June 30, 2024.
bioAffinity Technologies (Nasdaq: BIAF, BIAFW) has announced the closing of a registered direct offering and concurrent private placement, along with a warrant inducement, for total gross proceeds of $1.75 million. The company raised approximately $1,302,083 through the exercise of existing warrants by three accredited investors at a reduced price of $1.25 per share. These investors received new unregistered warrants to purchase additional shares. Additionally, bioAffinity closed a securities purchase agreement with an institutional investor, raising about $450,000 through the sale of common stock and warrants. WallachBeth Capital acted as the sole placement agent and financial advisor for these transactions.
WallachBeth Capital announced that bioAffinity Technologies (NASDAQ: BIAF) has entered into warrant exercise agreements and a securities purchase agreement for aggregate gross proceeds of $1.75 million. The transactions include:
1. Exercise of existing warrants by three accredited investors for 1,041,667 shares at $1.25 per share, generating $1,302,083.
2. Issuance of new warrants to purchase 1,302,083 shares at $1.50 per share.
3. A registered direct offering of 360,000 shares and private placement of warrants to purchase 450,000 shares at a combined price of $1.25, generating $450,000.
The transactions are expected to close on August 5, 2024. WallachBeth Capital is acting as the sole placement agent and financial advisor for these transactions.
bioAffinity Technologies (NASDAQ: BIAF) has announced a registered direct offering and concurrent private placement for aggregate gross proceeds of $1.75 million. The company entered into warrant exercise agreements with three existing accredited investors to exercise warrants for 1,041,667 shares at a reduced price of $1.25 per share, raising approximately $1,302,083. In return, investors received new warrants for 1,302,083 shares at $1.50 per share. Additionally, bioAffinity agreed to sell 360,000 shares and warrants for 450,000 shares to an institutional investor at $1.25 per share, expecting to raise about $450,000. The transactions are set to close around August 5, 2024, subject to conditions.
Biotricity (Nasdaq: BTCY) and bioAffinity Technologies (Nasdaq: BIAF) will be featured on the RedChip Small Stocks, Big Money™ show on Bloomberg TV this Saturday, July 13, at 7 p.m. ET. Biotricity's CEO, Dr. Waqaas Al-Siddiq, will discuss their portfolio of cardiac monitoring solutions, including FDA-cleared Bioflux® and Biocore. With 8% market share in cardiology, Biotricity aims for profitability and expects to be EBITDA positive by end of 2024. bioAffinity Technologies' CEO, Maria Zannes, will provide updates on their early-stage cancer diagnostic product, CyPath® Lung. The noninvasive test has shown high sensitivity, specificity, and accuracy, and is part of a pilot program in Texas. The lung cancer screening market is projected to reach $5.7 billion by 2030, and bioAffinity holds substantial patents and insider ownership of 39%, indicating strong growth potential.
bioAffinity Technologies (Nasdaq: BIAF) reported a remarkable 217% increase in second-quarter 2024 sales for CyPath® Lung over the first quarter. The company raised its full-year forecast for CyPath® Lung sales by 85%, significantly surpassing the previous forecast by 75%. CyPath® Lung is positioned as a important noninvasive test for early lung cancer detection, especially beneficial for patients with pulmonary nodules. The lung cancer diagnostics market is expected to reach $4.7 billion by 2030. bioAffinity strategically launched CyPath® Lung in Texas, leveraging Medicare reimbursement and CPT code authorization. The company projects 2024 revenue between $9.2 and $9.6 million from its subsidiary, Precision Pathology Laboratory Services (PPLS), which bills $1,900 per test. Sales are expanding nationally with physicians from eight other states ordering the test. A broader market launch is planned for Q4 2024.
BioVie (Nasdaq:BIVI) and bioAffinity Technologies (Nasdaq:BIAF) will appear on the RedChip Small Stocks, Big Money show on Bloomberg TV on July 6 at 7 p.m. ET. Cuong Do, President and CEO of BioVie, will discuss their late-stage clinical programs for neurodegeneration and liver disease. BioVie's lead asset, bezisterim, has shown promise in treating Parkinson's and Alzheimer's diseases by reducing inflammation, improving motor control, cognition, and brain imaging. BioVie plans to launch a Phase 2b trial for Parkinson's in Fall 2024 and a Phase 3 trial for Alzheimer's in mid-2025.
Maria Zannes, President and CEO of bioAffinity Technologies, will provide a corporate update, highlighting CyPath Lung's success in early-stage lung cancer detection. The test has demonstrated high sensitivity and specificity, with commercialization already underway. The lung cancer screening market is projected to hit $5.7 billion by 2030. bioAffinity's AI-enhanced flow cytometry platform is also being developed for COPD and asthma diagnosis. The company holds extensive patents and is backed by strong insider ownership (39%).
BioAffinity Technologies (Nasdaq: BIAF; BIAFW) has reported a significant 139% growth in the number of pulmonology practices offering its noninvasive CyPath® Lung test for early-stage lung cancer detection since January 1, 2024. Sales outpaced Q1 2024 targets, leading to expansion beyond Texas to eight additional states. The company increased its 2023 sales forecast by 35% in May. This growth is attributed to positive physician-to-physician word of mouth and effective marketing strategies. CyPath® Lung's high sensitivity, specificity, and accuracy have been well-received by the medical community. The lung cancer diagnostics market is projected to reach $4.7 billion by 2030.
BioAffinity Technologies (Nasdaq: BIAF; BIAFW) reports record Q1 2024 revenue of $2.4 million, driven by CyPath® Lung sales and increased lab volumes. CyPath® Lung orders surged by 547% annualized in the first four months of 2024 over 2023, leading to a 35% increase in the 2024 sales forecast. The number of physician offices ordering the test doubled since January 2024, expanding beyond Texas to states like Pennsylvania and New Jersey. Medicare reimbursement for CyPath® Lung began on January 1, 2024. Precision Pathology Laboratory Services forecasts $9.2-$9.6 million in 2024 revenues, up 23% from 2023. The company reported an increase in R&D and SG&A expenses, resulting in a net loss of $2.1 million for Q1 2024, compared to a net loss of $1.5 million in Q1 2023. BioAffinity closed a $2.5 million funding round to support growth and continued product development in collaboration with the DoD.
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