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SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF) announced Wednesday it has entered into definitive agreements to sell 720,000 shares of common stock in a registered direct offering priced at $2.50 per share, raising approximately $1.8 million in gross proceeds. The offering comes as the company faces significant challenges, with InvestingPro data showing the stock has declined over 95% in the past year and currently trades below Fair Value.
The offering, priced at-the-market under Nasdaq rules, is expected to close on or about October 9, 2025, subject to customary closing conditions. WallachBeth Capital, LLC is serving as the sole placement agent for the transaction.
According to the company’s statement, the net proceeds will be used for working capital, to support growing sales for CyPath Lung (its noninvasive test for lung cancer), and general corporate purposes.
The biotechnology company is offering the common stock pursuant to a shelf registration statement previously filed with the SEC and declared effective on November 27, 2023.
bioAffinity Technologies focuses on developing noninvasive tests for early-stage cancer detection. Its primary product, CyPath Lung, is marketed as a Laboratory Developed Test through the company’s subsidiary, Precision Pathology Laboratory Services.
The announcement was made in a press release issued by the company.
In other recent news, bioAffinity Technologies reported a significant 95% increase in sales for its CyPath® Lung diagnostic test in 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. Over the first nine months of 2025, sales rose by 97% compared to the same period in 2024. Additionally, the company successfully closed a public offering, raising $4.8 million in gross proceeds. The offering included 1,921,761 shares of common stock priced at $2.50 per share, with pre-funded warrants available at $2.493 each. The funds raised are expected to support further developments and expansions. Furthermore, bioAffinity Technologies released three new case studies demonstrating the effectiveness of its CyPath® Lung test in detecting early-stage lung cancer. These case studies highlighted the test’s capability to identify Stage 1A lung cancer and help patients avoid unnecessary invasive procedures.
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