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SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF), currently trading at $0.23 and down nearly 88% over the past year, has been granted a patent by the China National Intellectual Property Administration for its composition and method targeting CD320 and LRP2 receptors to selectively kill cancer cells, the company announced Tuesday. According to InvestingPro analysis, the company’s stock has shown significant volatility, with 11 additional key insights available to subscribers.
The patent, titled "Compositions and Methods for Treating Cancer," covers small interfering RNAs (siRNAs) and their use in cancer treatment. This adds to the company’s intellectual property portfolio, which includes U.S. Patent No. 12,305,171 for the same technology. With a market capitalization of just $6.34 million, bioAffinity is actively developing its portfolio despite challenging financial metrics.
According to the company’s press release statement, laboratory research demonstrates that the siRNA-driven suppression of CD320 and LRP2 proteins effectively targets cancer cells from multiple tumor types including lung, breast, prostate, brain, and skin without affecting normal cells.
bioAffinity is exploring applications of this technology as a topical treatment for skin cancers and lesions. This development complements the company’s diagnostic platform, CyPath® Lung, a non-invasive test for early-stage lung cancer detection.
"Our research has shown that silencing CD320 and LRP2 leads to cancer cell death without harming normal cells," said William Bauta, Chief Science Officer at bioAffinity Technologies, describing it as "a highly selective approach with potential for broad therapeutic application."
The biotechnology company focuses on both early-stage diagnostics and targeted cancer therapeutics. Its CyPath® Lung test uses flow cytometry and artificial intelligence to identify cancer-related cell populations in patient sputum samples.
The patent announcement comes as bioAffinity continues development of its diagnostic and therapeutic platforms in oncology. With an EBITDA of -$9.02 million in the last twelve months and current ratio of 0.55, the company faces significant financial challenges. InvestingPro subscribers can access detailed financial analysis and future growth projections to better understand the company’s potential trajectory in the competitive biotech sector.
In other recent news, bioAffinity Technologies has reported a significant 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 increased demand for its CyPath® Lung test, which saw a 1,400% rise in orders, boosted by Medicare coverage and a unique CPT code addition. The company also completed a $3.25 million securities offering, facilitated by WallachBeth Capital, LLC, which will support further developments. In a strategic move, bioAffinity Technologies has appointed Dr. Gordon Downie as the new Chief Medical Officer, bringing his extensive expertise in pulmonary medicine to the company. The firm has also streamlined its CyPath® Lung test, reducing processing costs by 60% and improving 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. Additionally, bioAffinity Technologies strengthened its executive team with the appointments of J. Michael Edwards as Chief Financial Officer and William Bauta, PhD, as Chief Science Officer. These developments reflect the company’s ongoing efforts to enhance its diagnostic offerings and operational efficiencies.
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