bioAffinity Tech - BIAF STOCK NEWS

bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW) has announced a $2.66 million registered direct offering and concurrent private placement. The company will sell 2,048,294 shares of common stock at $1.30 per share in a registered direct offering. Additionally, in a private placement, it will issue common warrants to purchase up to 2,662,782 shares at an exercise price of $1.50 per share. The warrants will be exercisable upon shareholder approval and expire five years from that date. The offering is expected to close around October 21, 2024, subject to conditions. WallachBeth Capital is acting as the sole placement agent. The common stock will be issued under an effective shelf registration statement, while the warrants will be issued under a Section 4(a)(2) exemption.

bioAffinity Technologies (Nasdaq: BIAF; BIAFW) announced that its VP of Diagnostics, Jennifer Rebeles, Ph.D., contributed to a peer-reviewed paper on flow cytometry guidelines for rare matrix samples. The paper, published in Cytometry Part B: Clinical Cytometry, supports the validation approach used for bioAffinity's CyPath® Lung cancer test.

CyPath® Lung is a noninvasive test for early lung cancer detection, particularly useful for patients with pulmonary nodules. It has shown 92% sensitivity and 87% specificity in detecting lung cancer in nodules 20mm or less. The new guidelines address challenges in validating unique sample types like sputum, which CyPath® Lung uses.

The paper supplements the CLSI Guideline H62 and reflects the increasing use of specialized samples in flow cytometry. It acknowledges the challenges bioAffinity scientists overcame in developing CyPath® Lung, including dealing with high viscosity, inhibitors, and complex cellular mixtures.

bioAffinity Technologies has been awarded a U.S. Federal Supply Schedule contract for its CyPath® Lung test, a noninvasive diagnostic tool for early-stage lung cancer detection. This contract enables the Veterans Health Administration (VHA) and Military Health System to access the test for their patients. The VHA, serving 9.1 million Veterans annually, is the largest integrated healthcare system in the U.S.

Lung cancer is the leading cause of cancer-related death in Veterans, who are 25% more likely to receive a lung cancer diagnosis compared to non-Veterans. The CyPath® Lung test is particularly effective for patients with indeterminate pulmonary nodules detected during low dose computed tomography (LDCT) scans. A recent economic impact study suggests that incorporating CyPath® Lung into the current standard of care could result in significant healthcare cost savings.

A peer-reviewed economic study published in the Journal of Health Economics and Outcomes Research has found that incorporating bioAffinity Technologies' CyPath® Lung test into the standard care for Medicare patients with positive lung cancer screenings could lead to significant healthcare savings. The study, conducted by researchers from Brooke Army Medical Center and South Texas Veterans Health Care Systems, estimates potential savings of $2,773 per patient, totaling $379 million in 2022.

The savings are attributed to reduced follow-up diagnostic assessments, expensive procedures, and related complications. For private-payer patients, the potential savings are even higher at $6,460 per patient, with a total estimated savings of $895 million if all screened individuals in 2022 were privately insured. The study highlights CyPath® Lung's potential to improve early lung cancer diagnosis while reducing unnecessary procedures and medical complications.

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.