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SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF) has closed its previously announced registered direct offering, raising $1.8 million through the sale of 720,000 shares of common stock priced at $2.50 per share, the company announced Thursday. The micro-cap company, currently valued at just under $3 million, shows signs of financial strain with a weak current ratio of 0.64, according to InvestingPro data.
The offering was priced at-the-market under Nasdaq rules with WallachBeth Capital, LLC serving as the sole placement agent.
According to the company’s statement, the proceeds will be used for working capital, supporting expected growing sales for CyPath® Lung, its noninvasive test for lung cancer, and general corporate purposes.
bioAffinity Technologies offered the common stock pursuant to a shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission that was declared effective on November 27, 2023.
The biotechnology company focuses on developing noninvasive tests for early-stage cancer detection. Its primary product, CyPath® Lung, is marketed as a Laboratory Developed Test by the company’s subsidiary, Precision Pathology Laboratory Services.
The company’s announcement was made through a press release statement that included details about the offering structure and intended use of proceeds, along with standard forward-looking statements and disclaimers regarding future performance.
In other recent news, bioAffinity Technologies has reported significant financial developments. The company announced a 95% increase in sales of its CyPath® Lung diagnostic test for lung cancer during the third quarter of 2025 compared to the previous quarter. This growth is attributed to increased adoption by Veterans’ hospitals and market expansion in the mid-Atlantic region. Additionally, bioAffinity Technologies successfully closed a public offering, raising $4.8 million in gross proceeds. The offering included 1,921,761 shares of common stock and pre-funded warrants, priced at $2.50 per share and $2.493 per warrant, respectively. In another financial move, the company entered into definitive agreements for a registered direct offering, selling 720,000 shares of common stock at $2.50 per share. This transaction is expected to generate approximately $1.8 million in gross proceeds. WallachBeth Capital, LLC served as the sole placement agent for this offering. These developments reflect bioAffinity Technologies’ ongoing efforts to strengthen its financial position and expand its market reach.
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