Business
bioAffinity Technologies Reports Second Quarter 2023 Financial Results and Provides Business Update
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 and six months ended June 30, 2023, and provided a business update.\n\n\nHighlights from the second quarter of 2023 and subsequent weeks included:\n\n\nCorporate and Commercial Highlights\n\n\n\nThe American Medical Association (AMA) issued a Current Procedural Terminology (CPT) code for use with CyPath® Lung with an effective date of Oct. 1, 2023. CPT codes provide a uniform system to identify medical services and procedures and seek reimbursement from private payers and public health insurance programs, including Medicare and Medicaid.\n\n\n\nThe Department of Defense (DOD) purchased CyPath Lung® tests for use in an observational study on active military personnel at high risk for developing lung cancer (NCT05870592) and for research on the use of bronchoalveolar lavage fluid to assess cardiopulmonary function and exercise performance in military personnel post COVID-19 infection.\n\n\n\nMichael Dougherty joined the management team as Chief Financial Officer. Previously, he served as CFO of Amazon’s Alexa commercial domains with responsibility for financial strategy over Alexa’s multibillion-dollar investments in AI-generated customer experiences.\n\n\n\nThe Company launched a pilot marketing and sales program in select cities in Texas to provide insights and strategies for the successful product rollout for CyPath® Lung.\n\n\n\nResearch and Development Highlights\n\n\n\nPresented advancements in CyPath® Lung at the Cleveland Clinic’s invitation-only fourth annual “Advances in Early Lung Cancer Detection” symposium, which focuses on accelerating the development and implementation of new technologies and methods for the early detection of lung cancer.\n\n\n\nPresented a poster titled “Development of porphyrin-stained polystyrene compensation beads for use on an automated analysis platform” at CYTO 2023, the annual Congress for the International Society for the Advancement of Cytometry, that demonstrated the suitability of the Company’s proprietary compensation beads for commercial use with flow cytometry, including with CyPath® Lung.\n\n\n\nPresented a poster titled “Vi...