EU and US could reach trade deal this weekend - Reuters
SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW), a biotech firm specializing in noninvasive early-stage cancer detection tests, announced the completion of a securities offering that raised $3.25 million in gross proceeds before deductions. The offering included over 10 million shares of common stock or pre-funded warrants, along with warrants to purchase up to approximately 15 million shares of common stock, each combined with a May 2025 Warrant at a public offering price of $0.32. According to InvestingPro data, the company’s market capitalization stands at $3.78 million, with the stock experiencing significant volatility and a 90% decline over the past year.
WallachBeth Capital, LLC served as the sole placement agent for the offering. The securities were offered pursuant to a registration statement on Form S-1, which was previously filed with and declared effective by the Securities and Exchange Commission (SEC). A final prospectus relating to the offering has been filed with the SEC and is available on their website. InvestingPro analysis reveals the company is quickly burning through cash, with a concerning current ratio of 0.87, indicating short-term obligations exceed liquid assets.
bioAffinity Technologies is known for its development of CyPath® Lung, a noninvasive test that utilizes advanced flow cytometry and artificial intelligence to detect lung cancer in high-risk patients with small lung nodules. The test has demonstrated a high degree of sensitivity, specificity, and accuracy in clinical studies. Despite reporting revenue growth, InvestingPro indicates analysts anticipate a sales decline in the current year, with 14 additional key insights available to subscribers.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, and there will be no sales in jurisdictions where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
The company has cautioned that certain statements in the press release are forward-looking and based on current estimates and assumptions, which are subject to risks and uncertainties that could cause actual results to differ materially.
The information provided in this article is based on a press release statement from bioAffinity Technologies, Inc.
In other recent news, bioAffinity Technologies, Inc. has reported a remarkable 270% increase in revenue for the year ended December 31, 2024, reaching $9.4 million. This growth is largely attributed to the heightened demand for their CyPath® Lung test, which saw a 1,400% surge in orders, supported by Medicare and private insurance reimbursements. The company has also initiated a $3.25 million securities offering to further its financial capabilities, with WallachBeth Capital, LLC acting as the exclusive placement agent. Additionally, bioAffinity Technologies has announced improvements to their CyPath® Lung test, which are expected to significantly reduce costs and increase efficiency. Despite these advancements, bioAffinity faces potential delisting from the Nasdaq due to non-compliance with the minimum bid price requirement, having been given a 180-day period to rectify this issue. The company is also implementing strategic cost-cutting measures aimed at saving approximately $4 million annually, focusing resources on expanding CyPath® Lung sales. Recently, bioAffinity strengthened its leadership team with new appointments to enhance its strategic direction. The company is exploring options to address the Nasdaq listing challenge, aiming to maintain its market presence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.