Business
bioAffinity Technologies Reports Third Quarter 2022 Financial Results and Provides Business Update
Successfully completed $15.6 million IPO, including the exercise of warrants Awarded therapeutic patents in China, Mexico and Australia Company on track to
About this update from Bioaffinity Technologies, Inc.
[{"type":"text","content":"\n\nSuccessfully completed $15.6 million IPO, including the exercise of warrants\n\n\nAwarded therapeutic patents in China, Mexico and Australia\n\n\nCompany on track to expand marketing outreach for its initial product, CyPath® Lung, that detects early-stage lung cancer\n\n\n SAN ANTONIO--(BUSINESS WIRE)--\nbioAffinity Technologies, Inc. (NASDAQ: BIAF; BIAFW), a biotechnology company addressing the need for noninvasive diagnosis of early-stage cancer and diseases of the lung, and targeted cancer treatment, today reported its financial results for the third quarter of 2022 and provided a business update.\n\n“Since our founding, bioAffinity Technologies has been dedicated to addressing the urgent need for noninvasive, early-stage cancer diagnosis and cancer treatment,” said Maria Zannes, President and Chief Executive Officer of bioAffinity Technologies. “Now that we have successfully raised the needed funds, we are confident that the outstanding scientific and commercialization team we have assembled will demonstrate the clinical value of CyPath® Lung in the marketplace. We will continue the development of additional non-invasive diagnostics for early-stage disease. With funds raised from our recent IPO and the exercise of warrants, bioAffinity Technologies also will pursue its promising research and development of broad-spectrum cancer therapeutics.\n\n“We have begun a limited test-market launch in the San Antonio area and recently have started to recognize revenue from sales of CyPath® Lung by our licensee, Precision Pathology Services, a CAP-accredited, CLIA-certified clinical pathology laboratory,” Zannes said. “The limited launch allows us to evaluate our marketing program and help ensure each step in the care pathway – from the initial order by physicians, to sputum collection and processing, to generating and delivering the patient report – is efficient and effective. This limited test-market approach allows us to refine future positioning and develop strategic insight for our CyPath® Lung test before expanding to a larger national market. We believe our current efforts will be essential to developing a strategic and cost-effective plan for a robust national rollout.”\n\nCorporate Highlights\n\nAward of Therapeutic Patents in China, Mexico and Australia: In October, the Company was pleased to announce that its wholly owned...