bioAffinity Technologies, Inc. - BIAF STOCK NEWS

bioAffinity Technologies, Inc. will present research findings at the University of Massachusetts RNA Therapeutics Symposium. The study shows that deprivation of vitamin B12 does not play a role in the selective cytotoxicity of cancer cells after silencing specific genes. The company aims to develop targeted therapeutics for multiple cancers.

bioAffinity Technologies, Inc. has reported financial results for Q1 2023. Highlights include the appointment of a new CFO, progress in the branding and marketing strategy for CyPath® Lung, and positive clinical validation study results. The company plans to expand the commercial launch of CyPath® Lung and conduct a pivotal clinical trial. Revenue for Q1 2023 was $1,000, compared to no revenue in the prior-year period. Net loss for Q1 2023 was $1.5 million. Cash and cash equivalents as of March 31, 2023, were $9.8 million.

bioAffinity Technologies (Nasdaq: BIAF; BIAFW) will present at the Cleveland Clinic’s Advances in Early Lung Cancer Detection symposium on April 27, 2023. Dr. Vivienne I. Rebel will discuss advancements in the company’s product, CyPath^® Lung, a noninvasive test for early-stage lung cancer detection utilizing flow cytometry and artificial intelligence. The symposium aims to improve lung cancer diagnosis, particularly during its most treatable early stages. This marks bioAffinity's fourth invitation to present, underscoring its ongoing engagement in pioneering cancer detection technologies. CyPath^® Lung demonstrates high sensitivity and specificity and is marketed through Precision Pathology Services. The company’s subsidiary, OncoSelect^® Therapeutics, is also developing targeted cancer treatments.

bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW) will ring the Nasdaq closing bell to celebrate its 2022 IPO. President and CEO Maria Zannes expressed gratitude for the opportunity, highlighting milestones leading to the launch of its noninvasive cancer detection product, CyPath® Lung. This test is aimed at early-stage lung cancer detection, enhancing treatment effectiveness and patient outcomes. The closing bell ceremony will be streamed live on various platforms, showcasing bioAffinity's commitment to innovation in early cancer diagnostics.

bioAffinity Technologies (Nasdaq: BIAF; BIAFW) reported its financial results for 2022, marking a significant year after raising approximately $6 million from its IPO and converting nearly $16 million in debt to equity. The company generated $5,000 in revenue in 2022, up from zero in 2021, driven by its CyPath® Lung test. Key operational highlights include achieving 92% sensitivity and 87% specificity in detecting early lung cancer. Despite a net loss of $8.2 million in 2022, the company has raised additional funds through warrants. Management is optimistic about expanding the market for CyPath® Lung and plans a conference call on April 3, 2023, to discuss its results.

bioAffinity Technologies (NASDAQ: BIAF; BIAFW) announced the publication of a peer-reviewed paper in the Journal of Visualized Experiments (JoVE) detailing a protocol for preparing porphyrin-labeled compensation beads. These beads enhance the precision and cost-effectiveness of the company's CyPath® Lung test for early-stage lung cancer detection. The CyPath® Lung test demonstrated 92% sensitivity and 87% specificity in a recent clinical trial. bioAffinity holds an international patent pending for these proprietary beads, which are crucial for accurate fluorescence quantification in flow cytometry.