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SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF, BIAFW) announced Tuesday the closing of its previously announced public offering, raising $4.8 million in gross proceeds before deducting agent fees and other expenses. According to InvestingPro data, the company’s financial health score stands at ’WEAK’, with a current market capitalization of just $3.17 million.
The biotechnology company, which focuses on developing noninvasive tests for early-stage cancer detection, sold 1,921,761 shares of common stock at $2.50 per share. The offering also included pre-funded warrants available at $2.493 each, which are immediately exercisable at $0.007 per warrant.
WallachBeth Capital, LLC served as the sole placement agent for the transaction.
The securities were offered through a registration statement on Form S-1 that was previously filed with and declared effective by the Securities and Exchange Commission.
bioAffinity Technologies’ primary product is CyPath Lung, a noninvasive test designed to detect early-stage lung cancer. According to the company’s statement, the test has demonstrated high sensitivity, specificity and accuracy. The test is currently marketed as a Laboratory Developed Test by Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies.
The company stated in its press release that the information provided about the offering does not constitute an offer to sell or solicitation to buy securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws.
In other recent news, bioAffinity Technologies announced a public offering expected to generate $4.8 million in gross proceeds. This offering includes 1,921,799 shares of common stock priced at $2.50 per share, with pre-funded warrants available as an alternative. Additionally, the company highlighted the effectiveness of its CyPath Lung test in detecting early-stage lung cancer through three new case studies, showing promise in avoiding unnecessary invasive procedures. In corporate developments, bioAffinity Technologies will implement a 1-for-30 reverse stock split, effective September 19, 2025, as approved by stockholders. The company also amended the terms of certain outstanding warrants, increasing the floor price and reducing the number of shares issuable under May 2025 warrants. Furthermore, bioAffinity Technologies appointed Roberto Rios and John J. Oppenheimer to its Board of Directors, aiming to expand sales of its lung cancer detection test. These changes reflect the company’s ongoing strategic adjustments and advancements in its cancer detection technology.
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