bioAffinity Technologies names new chief medical officer

SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF; BIAFW), a company specializing in noninvasive early-stage cancer diagnostics with a market capitalization of $4.11 million, has announced the appointment of Dr. Gordon Downie as its new Chief Medical Officer (CMO). According to InvestingPro data, the company has shown impressive revenue growth of 78.4% over the last twelve months, though currently trades at $0.23 per share. Dr. Downie, who has over 30 years of experience in pulmonary medicine and clinical research, will bring his expertise in lung cancer diagnosis and medical device development to the company.

Dr. Downie’s career has been marked by significant contributions to pulmonary medicine, including authoring over 30 peer-reviewed publications and leading FDA-approved research programs. He has also held national leadership positions with the American College of Chest Physicians. His previous roles include serving as Director of the Lung Nodule Clinic and Interventional Pulmonology at Titus Regional Medical Center. This appointment comes at a crucial time as InvestingPro analysis indicates the company is rapidly expanding its operations, with annual revenue reaching $8.81 million despite challenging market conditions.

The newly appointed CMO expressed enthusiasm for joining bioAffinity Technologies during this critical phase, particularly for the potential of the company’s CyPath® Lung diagnostic technology to manage indeterminate lung nodules and save lives.

Maria Zannes, President and CEO of bioAffinity Technologies, praised Dr. Downie’s clinical excellence and passion for early cancer detection. She highlighted his ideal fit for guiding the company’s clinical strategy as they aim to scale CyPath® Lung and extend their diagnostic platform to other diseases.

CyPath® Lung employs advanced flow cytometry and AI to analyze cell populations in patient sputum, using a fluorescent porphyrin that targets cancer and cancer-related cells. Clinical studies have shown CyPath® Lung to have a high sensitivity, specificity, and accuracy in detecting lung cancer in high-risk patients with small lung nodules.

The company, which focuses on noninvasive diagnosis of early-stage cancer and other lung diseases, markets CyPath® Lung as a Laboratory Developed Test (LDT) through its subsidiary, Precision Pathology Laboratory Services.

This news is based on a press release statement from bioAffinity Technologies. For deeper insights into bioAffinity Technologies’ financial health and growth prospects, InvestingPro offers 14 additional investment tips and comprehensive financial analysis tools to help investors make informed decisions.

In other recent news, bioAffinity Technologies, Inc. has reported a substantial 270% increase in revenue for the year ending December 31, 2024, reaching $9.4 million, up from $2.5 million the previous year. This growth is largely attributed to the rising demand for the company’s CyPath® Lung test, which saw a significant increase in orders, partly due to Medicare coverage. The company also completed a securities offering, raising $3.25 million in gross proceeds. This offering included over 10 million shares of common stock or pre-funded warrants, along with warrants to purchase up to 15 million additional shares.

In a strategic move, bioAffinity Technologies announced cost-cutting measures expected to save approximately $4 million annually at its subsidiary, Precision Pathology Laboratory Services. These initiatives aim to enhance the sales of CyPath® Lung in key national markets. Additionally, the company has made significant improvements to its CyPath® Lung test, reducing sample processing costs by around 60% and increasing throughput by over 10%. Despite the positive revenue growth in 2024, the company projects a decrease in total revenue for 2025 due to the discontinuation of certain unprofitable services.

The leadership team at bioAffinity Technologies has been strengthened with new appointments, including J. Michael Edwards as Chief Financial Officer and William Bauta, PhD, as Chief Science Officer.

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