bioAffinity Technologies Receives Additional $7.7M from Exercise of Warrants, Total Capital from Public Offering Increases to Approximately $15.6M
September 28 2022 - 8:15AM
Business Wire
bioAffinity Technologies, Inc. (NASDAQ: BIAF) (NASDAQ: BIAFW)
today announced the receipt of approximately $7.7 million in
additional gross proceeds from the exercise of tradeable and
non-tradable warrants issued in the Company's September 6, 2022,
public offering of securities.
Investors participating in bioAffinity Technologies’ financing
exercised a total of 725,576 tradeable warrants at a price of $7.35
per share and 310,910 non-tradable warrants at a price of $7.656
per share. Combined with the Company's underwritten public offering
of 1,282,600 units, each consisting of one share of common stock,
one tradeable warrant and one non-tradeable warrant, in which the
Company announced the receipt of gross proceeds of approximately
$7.9 million, the Company has received an aggregate of
approximately $15.6 million as of September 28, 2022.
The Company intends to use the proceeds from the offering to
expand existing operations and the commercialization of CyPath®
Lung, a noninvasive test for the early detection of lung cancer
which uses flow cytometry to count and characterize cells in a
person’s sputum, or phlegm. The test’s automated analysis of the
flow cytometry data detects cell populations that indicate cancer
is present. CyPath® Lung has the potential to increase overall
diagnostic accuracy of lung cancer diagnosis leading to increased
survival while lowering the number of unnecessary invasive
procedures, reducing patient anxiety, and lowering medical
costs.
Proceeds may also be used in the Company’s pursuit of regulatory
approvals and research and development of additional diagnostics,
cancer therapeutics, and for working capital and general corporate
purposes.
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) addresses
the need for noninvasive diagnosis of early-stage cancer and
diseases of the lung, and targeted cancer treatment. The Company’s
first product, CyPath® Lung, is a non-invasive test that has shown
high sensitivity and specificity for the detection of early-stage
lung cancer. CyPath® Lung is marketed as a Laboratory Developed
Test (LDT) by Precision Pathology Services. OncoSelect®
Therapeutics, LLC, a subsidiary of bioAffinity Technologies, is
advancing its discoveries shown in vitro to kill cancer cells
without harm to normal cells. Research and optimization of the
Company’s platform technologies are conducted in its laboratories
at The University of Texas at San Antonio.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the anticipated use of proceeds from
the Company’s offering of common shares. Forward-looking statements
can be identified by words such as “believes,” “expects,”
“estimates,” “intends,” “may,” “plans,” “will” and similar
expressions, or the negative of these words. Such forward-looking
statements are based on facts and conditions as they exist at the
time such statements are made and predictions as to future facts
and conditions. Readers of this press release are cautioned not to
place undue reliance on any forward-looking statements. The Company
does not undertake any obligation to update any forward-looking
statement relating to matters discussed in this press release,
except as may be required by applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20220928005404/en/
Company Contact: Maria Zannes, President & Chief
Executive Officer mz@bioaffinitytech.com
Investor Relations Contact: Tiberend Strategic Advisors,
Inc. Jonathan Nugent jnugent@tiberend.com or David Irish
dirish@tiberend.com
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