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SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF) announced Monday the appointment of Roberto Rios, CPA, and John J. Oppenheimer, M.D., to its Board of Directors as the biotechnology company seeks to expand sales of its lung cancer detection test. The micro-cap company, currently valued at $6.57 million, faces significant financial challenges with InvestingPro data showing a concerning current ratio of 0.64, indicating short-term liquidity constraints.
Rios brings over 40 years of executive leadership in corporate finance across multiple industries, including previous financial leadership roles at ILEX Oncology and BioMedical Enterprises. He currently serves on the boards of CCC Group and Stem Cell Reserve.
Oppenheimer serves as Director of Clinical Research at Pulmonary and Allergy Associates and Clinical Professor of Medicine at the University of Medicine and Dentistry of New Jersey-Rutgers. He has participated in more than 180 clinical studies and authored over 260 publications, with extensive experience in asthma and COPD research.
"Mr. Rios’ business and financial expertise combined with Dr. Oppenheimer’s clinical leadership will be invaluable as we increase sales of CyPath Lung, develop companion diagnostics for asthma and COPD, and strengthen our financial position," said Maria Zannes, President and CEO of bioAffinity Technologies, in the press release.
The company also announced that Gary Rubin has stepped down from the Board of Directors for personal reasons, not due to any disagreement with the company.
bioAffinity Technologies develops noninvasive diagnostics for early detection of lung cancer and other lung diseases. Its CyPath Lung test uses flow cytometry and artificial intelligence to identify cell populations in patient sputum that may indicate malignancy. According to InvestingPro Fair Value analysis, the stock appears undervalued despite its challenging financial metrics, including an EBITDA of -$9.49 million in the last twelve months.
In other recent news, bioAffinity Technologies, Inc. has raised approximately $1.2 million through a private placement and warrant inducement transaction. The company entered into agreements with institutional and accredited investors for shares of Series B Convertible Preferred Stock and warrants to purchase common shares. Additionally, bioAffinity Technologies announced that the Canadian Patent Office has allowed its patent for detecting lung disease, enhancing international protection for its diagnostic platform. In China, the company has been granted a patent for its cancer therapy targeting specific receptors, adding to its intellectual property portfolio. Furthermore, bioAffinity Technologies has appointed Dr. Gordon Downie as its new Chief Medical Officer. Dr. Downie brings over 30 years of experience in pulmonary medicine and clinical research to the company. His expertise is expected to support the development of the company’s early-stage cancer diagnostics. These developments highlight bioAffinity Technologies’ ongoing efforts in innovation and leadership in the biotechnology sector.
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