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SAN ANTONIO - bioAffinity Technologies, Inc. (Nasdaq:BIAF), a micro-cap diagnostic company currently valued at $10.05 million, announced Tuesday that the Canadian Patent Office has allowed its patent for a method to detect lung disease through flow cytometry analysis of sputum. According to InvestingPro analysis, the stock appears undervalued at its current price of $0.36.
The patent (No. 3,136,245), titled "System and Method for Determining Lung Health," strengthens international protection for the company’s diagnostic platform behind CyPath® Lung, its commercially available test for early-stage lung cancer.
"This Canadian patent reflects our continued execution toward building long-term shareholder value through innovation, protection of our unique assets, and a clear focus on early cancer detection that can save lives," said Maria Zannes, President and CEO of bioAffinity Technologies, in a press release statement. The company has shown strong revenue growth of 78.4% over the last twelve months, though InvestingPro data reveals it’s still working toward profitability with an EBITDA of -$9.02 million.
According to the Canadian Cancer Society, lung cancer is the leading cause of cancer death in Canada. In 2024, approximately 31,000 Canadians were diagnosed with lung cancer, and about 20,700 people died of the disease. Government statistics indicate that 50% of all lung cancer cases in Canada are diagnosed at Stage IV, with an overall five-year survival rate of about 19%. The market has recently shown confidence in bioAffinity’s potential, with the stock posting a significant 24.62% return over the last week. Discover more market insights and 12 additional ProTips with InvestingPro.
The patent protects the use of defined antibodies and the porphyrin TCPP to label cell populations in sputum and the use of flow cytometry to determine the presence of lung cancer cells.
CyPath® Lung, the company’s first commercial product, demonstrated 92% sensitivity, 87% specificity and 88% accuracy in detecting lung cancer in high-risk patients with small lung nodules less than 20 millimeters in clinical studies.
The Canadian patent follows a similar patent recently awarded in China as the company expands its global intellectual property portfolio.
In other recent news, bioAffinity Technologies, Inc. completed a securities offering that successfully raised $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 approximately 15 million shares, all priced at $0.32 each. WallachBeth Capital, LLC acted as the sole placement agent for this transaction. Additionally, bioAffinity Technologies received a patent from the China National Intellectual Property Administration for its cancer therapy targeting CD320 and LRP2 receptors. This patent expands the company’s intellectual property portfolio, which also includes a U.S. patent for the same technology. In leadership news, the company appointed Dr. Gordon Downie as its new Chief Medical Officer. Dr. Downie brings over 30 years of experience in pulmonary medicine to the role. These recent developments highlight bioAffinity Technologies’ ongoing efforts in cancer treatment and diagnostics.
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