Business
bioAffinity Technologies Reports First Quarter 2023 Financial Results
SAN ANTONIO--(BUSINESS WIRE)-- bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology company addressing the need for noninvasive detection of
About this update from Bioaffinity Technologies, Inc.
[{"type":"text","content":" SAN ANTONIO--(BUSINESS WIRE)--\nbioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology company addressing the need for noninvasive detection of early-stage lung cancer and other diseases of the lung, today reported financial results for the three months ended March 31, 2023.\n\n\nHighlights from the first quarter of 2023 and subsequent weeks included:\n\n\nCorporate and Commercial Highlights\n\n\n\nAppointed Michael Dougherty as Chief Financial Officer. Mr. Dougherty most recently served as CFO of Amazon’s Alexa commercial domains, where he was responsible for financial strategy over Alexa’s multibillion-dollar investments in AI-generated customer experiences.\n\n\n\nEngaged Havas Health & You and Trinity Life Sciences to create the branding and marketing strategy for CyPath® Lung.\n\n\n\nContinued with the initial rollout of CyPath® Lung to select test markets in Texas with encouraging user feedback and survey responses.\n\n\n\nManagement rang the Nasdaq Stock Market closing bell on April 5 to commemorate the Company’s IPO in September 2022.\n\n\n\nResearch and Development Highlights\n\n\n\nReceived Notice of Allowance from the U.S. Patent and Trademark Office for a patent titled “Porphyrin Compounds and Compositions Useful for Treating Cancer” for the targeted delivery of novel cancer treatments. This patent is owned by the Company’s wholly owned subsidiary OncoSelect® Therapeutics and grants protection through 2037.\n\n\n\nExpanded geographic coverage for this OncoSelect® Therapeutics patent to include issuance in Hong Kong, which joins the U.S., Australia, China and Mexico, with patent applications pending in Canada, the European Union, India and Japan.\n\n\n\nCyPath® Lung clinical validation study results were published in Respiratory Research and demonstrated 92% sensitivity and 87% specificity in high-risk patients with nodules smaller than 20 millimeters or no nodules in the lung, with an area under the ROC curve of 94%.\n\n\n\nThe article “Porphyrin-Modified Beads for Use as Compensation Controls in Flow Cytometry” was published in the peer-reviewed Journal of Visualized Experiments (JoVE) and describes the protocol for preparing porphyrin-labeled compensation beads to optimize the ability of CyPath® Lung to detect early-stage lung cancer.\n\n\n\nPresented advancements in CyPath® Lung at the Cleveland Cl...