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09/30/2025 – 12:15 PM
SAN ANTONIO, Texas — bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW), a biotechnology firm specializing in non-invasive early cancer detection solutions, announced today the completion of its previously disclosed public offering. The offering generated gross proceeds of $4.8 million for the company, prior to deductions for agent fees and other estimated expenses.
The offering comprised 1,921,761 shares of Common Stock (Shares), priced at $2.50 per share, or pre-funded warrants (Pre-Funded Warrants) offered as an alternative. The Pre-Funded Warrants are exercisable for one share of Common Stock each, are immediately exercisable and expire upon full exercise. The purchase price for each Pre-Funded Warrant was set at $2.493, while the exercise price stands at $0.007 per share.
WallachBeth Capital, LLC served as the sole placement agent for the offering.
This announcement does not constitute a sales offer or solicitation of an offer to buy these securities in any jurisdiction where such an offer, solicitation, or sale would be deemed unlawful without prior registration or qualification under local securities laws.
The securities in question were offered by bioAffinity Technologies under a registration statement on Form S-1 (File No. 333-290480), previously filed with and declared effective by the Securities and Exchange Commission (SEC). The offering is being made strictly through a preliminary prospectus and a final prospectus that forms a part of the registration statement. The final prospectus will be accessible on the SEC’s website.
bioAffinity Technologies: Focusing on unmet needs in Cancer Diagnostics
bioAffinity Technologies is tackling the critical need for non-invasive diagnostic tools for early-stage cancer detection, particularly in lung diseases, alongside developing broad-spectrum cancer treatments. The company’s lead product, CyPath® Lung, a Laboratory Developed Test (LDT), has demonstrated high sensitivity, specificity, and accuracy in early lung cancer detection. This test is crucial as early diagnosis significantly improves patient outcomes. CyPath® Lung is marketed by Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies.
Market Context and Analysis
The precision diagnostics market is experiencing rapid growth, driven by advancements in genomics, proteomics, and molecular imaging. bioAffinity’s focus on non-invasive methods provides a significant advantage, potentially reducing patient discomfort and healthcare costs compared to traditional biopsy methods. However, adoption of LDTs can face regulatory hurdles and require robust clinical validation to gain widespread acceptance among physicians and payers. The company’s success will depend on its ability to demonstrate the clinical utility and cost-effectiveness of CyPath® Lung through further studies and real-world evidence.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. These statements, identified by terms such as “may,” “might,” “will,” and others, reflect current estimates and assumptions, including those about the offering. These statements are subject to various risks and uncertainties, including the ability to close the offering as planned, and other risk factors detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and its subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these statements, which are based on facts and conditions as of the release date. The Company undertakes no obligation to update these statements, except as required by law.
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