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bioAffinity Technologies, Inc. Announces Closing of $7.8 Million Initial Public Offering
SAN ANTONIO--(BUSINESS WIRE)-- bioAffinity Technologies, Inc. (“bioAffinity” or the “Company”) (NASDAQ: BIAF, BIAFW), a cancer diagnostics company that
About this update from Bioaffinity Technologies, Inc.
[{"type":"text","content":" SAN ANTONIO--(BUSINESS WIRE)--\nbioAffinity Technologies, Inc. (“bioAffinity” or the “Company”) (NASDAQ: BIAF, BIAFW), a cancer diagnostics company that develops noninvasive, early-stage diagnostics to detect cancer and diseases of the lung and is researching targeted therapies to treat cancer, announced today it has completed its previously announced initial public offering (“IPO”) of 1,282,600 units, each consisting of one share of common stock, one tradeable warrant to purchase one share of common stock at an exercise price of $7.35 per share, and one non-tradeable warrant to purchase one share of common stock at an exercise price of $7.656 per share, for aggregate gross proceeds of approximately $7.8 million, prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, bioAffinity has granted the underwriters a 45-day option to purchase up to 192,390 shares of common stock, and/or 192,390 tradeable warrants, and/or 192,390 non-tradeable warrants, or any combination of additional shares of common stock and warrants representing, in the aggregate, up to 15% of the number of the units sold in this offering to cover over-allotments in this offering.\n\nThe Company’s common stock and tradeable warrants started trading on the Nasdaq Capital Market on September 1, 2022, under the ticker symbol “BIAF” and “BIAFW”, respectively.\n\nWallachBeth Capital, LLC and Craft Capital Management, LLC are co-managers and co-book running managers for the offering.\n\nThe Company intends to use the proceeds from the offering to expand existing operations and the commercialization of CyPath® Lung. 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.\n\nbioAffinity Technologies’ first product called CyPath® Lung is a non-invasive test that detects the world’s leading cancer killer, lung cancer, at an early stage when treatment is most effective. CyPath® Lung has shown high sensitivity and high specificity in detecting early-stage lung cancer and is marketed as a Laboratory Developed Test (LDT) by Precision Pathology Services in San Antonio, Texas.\n\nbioAffinity Technologies Chief Executive Officer Maria Zannes said, “We are pleased to have concluded the IPO p...