Business
bioAffinity Technologies Reports Fourth Quarter and Full Year 2022 Financial Results
Conference Call Scheduled for April 3, 2023, at 9:00 a.m. Eastern Time SAN ANTONIO--(BUSINESS WIRE)-- bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a
About this update from Bioaffinity Technologies, Inc.
[{"type":"text","content":"\nConference Call Scheduled for April 3, 2023, at 9:00 a.m. Eastern Time\n\n 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 and 12 months ended December 31, 2022.\n\nFinancial Highlights\n\n\nRaised net proceeds of approximately $6.0 million from an initial public offering (IPO) in September 2022\n\n\n\nConverted nearly $16 million in debt, related accrued interest and fair value adjustments into shares of common stock in connection with the IPO\n\n\n\nRaised an additional $7.8 million from the exercise of warrants and stock options\n\n\nCorporate and Operational Highlights\n\n\nAnnounced publication in Respiratory Research of an article titled “Detection of early-stage lung cancer in sputum using automated flow cytometry and machine learning” detailing results of bioAffinity Technologies’ clinical validation trial, which showed CyPath® Lung had 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\nSelected a contract research organization to manage the pivotal trial intending to seek U.S. Food and Drug Administration clearance of CyPath® Lung as a Class II IVD medical device for the detection of lung cancer; the pivotal trial is expected to recruit 1,800 patients beginning in 2023, with participants followed for at least one year to determine the presence of lung cancer\n\n\n\nResearch continues aimed at the expansion of the Company’s flow cytometric platform technology for use in detecting additional lung diseases, including Chronic Obstructive Pulmonary Disease (COPD)\n\n\n\nAnnounced publication in the Journal of Visualized Experiments of an article titled “Porphyrin-Modified Beads for Use as Compensation Controls in Flow Cytometry” describing the beads engineered by the Company for use with its CyPath® Lung test\n\n\n\nReceived Notice of Allowance for a U.S. patent protecting the targeted delivery of novel cancer treatments using porphyrin compounds for bioAffinity Technologies’ wholly owned subsidiary, OncoSelect® Therapeutics\n\n\n\nAwarded therapeutic patents in China, Mexico and Australia for...