Business
bioAffinity Technologies Acquires Laboratory Assets of Precision Pathology Services
Transformative Strategic Transaction Supports Commercialization of CyPath® Lung Precision Pathology Founder Dr. Roby Joyce Joins bioAffinity’s Board of
About this update from Bioaffinity Technologies, Inc.
[{"type":"text","content":"\nTransformative Strategic Transaction Supports Commercialization of CyPath® Lung\n\n\nPrecision Pathology Founder Dr. Roby Joyce Joins bioAffinity’s Board of Directors\n\n\nConference Call at 4:30 p.m. Eastern time Today\n\n\n SAN ANTONIO, Texas--(BUSINESS WIRE)--\nbioAffinity Technologies, Inc. (Nasdaq: BIAF, BIAFW), a biotechnology company addressing the need for noninvasive detection of early-stage lung cancer, announces the acquisition of the laboratory assets of Village Oaks Pathology Services, P.A., d/b/a Precision Pathology Services, a clinical laboratory accredited by the College of American Pathologists (CAP) and certified under the Clinical Laboratory Improvement Amendments (CLIA) of 1988. The laboratory assets are being acquired by a new wholly owned subsidiary of bioAffinity Technologies, Precision Pathology Laboratory Services, LLC (PPLS). bioAffinity Technologies management will host a conference call today to discuss the acquisition. Instructions for accessing the call can be found below.\n\n\nPrecision Pathology provides pathology services to physicians practicing in a variety of outpatient settings and has offered bioAffinity Technologies’ CyPath® Lung as a laboratory developed test for the detection of early-stage lung cancer. This transaction gives bioAffinity the opportunity to build a commercial laboratory with scale with the goals of accelerating the market uptake and success of CyPath® Lung, supporting the test’s upcoming 1,800-patient FDA pivotal trial, and pursuing the development and commercialization of additional tests. In addition to CyPath® Lung, Precision Pathology offers a range of laboratory services including respiratory testing for SARS-CoV-2 and influenza, anatomic pathology, morphological stains, histological services, DNA extractions, STI testing, and women’s and men’s health testing.\n\n\nPrecision Pathology was acquired for $3.5 million including $2.5 million in cash and $1.0 million in bioAffinity common stock.\n\n\n“The acquisition of our partner laboratory Precision Pathology supports and enhances bioAffinity’s commercial strategy by integrating every aspect of CyPath® Lung, from manufacturing to sales and marketing, and now to pathology services and reporting results back to physicians. With core operations established over the past 16 years and an unwavering commitment to quality and...