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bioAffinity Technologies, Inc. - BIAF STOCK NEWS

Welcome to our dedicated page for bioAffinity Technologies news (Ticker: BIAF), a resource for investors and traders seeking the latest updates and insights on bioAffinity Technologies stock.

bioAffinity Technologies, Inc. (NASDAQ: BIAF) is a pioneering biotechnology company dedicated to addressing the critical need for the early detection and targeted treatment of cancer and lung diseases. The company develops proprietary, noninvasive diagnostic tests and cancer therapeutics that focus on the cellular level, which has the potential to significantly improve patient outcomes.

One of the company’s leading innovations is the CyPath® Lung test, a noninvasive diagnostic tool designed to detect early-stage lung cancer. This test employs flow cytometry technology to analyze sputum samples, which can dramatically increase diagnostic accuracy, reduce the need for invasive procedures, and lower medical costs while enhancing patient comfort and survival rates. CyPath® Lung has been licensed by Precision Pathology Services for further development and commercial sale as a laboratory-developed test.

Recent company milestones include a securities purchase agreement with institutional investors, announced on March 6, 2024, by WallachBeth Capital LLC. This agreement involves a registered direct offering and a concurrent private placement, expected to raise approximately $2.5 million. The proceeds will support the company's ongoing research, development activities, and potential commercialization efforts.

Financially, bioAffinity Technologies is actively engaging with institutional investors to secure funding necessary for its ambitious projects. The company’s efforts are supported by an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) and the strategic guidance of WallachBeth Capital, which provides comprehensive capital market and investment banking services tailored to the healthcare sector.

Through its innovative approach and strong industry partnerships, bioAffinity Technologies aims to revolutionize cancer diagnosis and treatment, ultimately improving survival rates and quality of life for patients worldwide.

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Biotricity (Nasdaq: BTCY) and bioAffinity Technologies (Nasdaq: BIAF) will be featured on the RedChip Small Stocks, Big Money™ show on Bloomberg TV this Saturday, July 13, at 7 p.m. ET. Biotricity's CEO, Dr. Waqaas Al-Siddiq, will discuss their portfolio of cardiac monitoring solutions, including FDA-cleared Bioflux® and Biocore. With 8% market share in cardiology, Biotricity aims for profitability and expects to be EBITDA positive by end of 2024. bioAffinity Technologies' CEO, Maria Zannes, will provide updates on their early-stage cancer diagnostic product, CyPath® Lung. The noninvasive test has shown high sensitivity, specificity, and accuracy, and is part of a pilot program in Texas. The lung cancer screening market is projected to reach $5.7 billion by 2030, and bioAffinity holds substantial patents and insider ownership of 39%, indicating strong growth potential.

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bioAffinity Technologies (Nasdaq: BIAF) reported a remarkable 217% increase in second-quarter 2024 sales for CyPath® Lung over the first quarter. The company raised its full-year forecast for CyPath® Lung sales by 85%, significantly surpassing the previous forecast by 75%. CyPath® Lung is positioned as a important noninvasive test for early lung cancer detection, especially beneficial for patients with pulmonary nodules. The lung cancer diagnostics market is expected to reach $4.7 billion by 2030. bioAffinity strategically launched CyPath® Lung in Texas, leveraging Medicare reimbursement and CPT code authorization. The company projects 2024 revenue between $9.2 and $9.6 million from its subsidiary, Precision Pathology Laboratory Services (PPLS), which bills $1,900 per test. Sales are expanding nationally with physicians from eight other states ordering the test. A broader market launch is planned for Q4 2024.

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BioVie (Nasdaq:BIVI) and bioAffinity Technologies (Nasdaq:BIAF) will appear on the RedChip Small Stocks, Big Money show on Bloomberg TV on July 6 at 7 p.m. ET. Cuong Do, President and CEO of BioVie, will discuss their late-stage clinical programs for neurodegeneration and liver disease. BioVie's lead asset, bezisterim, has shown promise in treating Parkinson's and Alzheimer's diseases by reducing inflammation, improving motor control, cognition, and brain imaging. BioVie plans to launch a Phase 2b trial for Parkinson's in Fall 2024 and a Phase 3 trial for Alzheimer's in mid-2025.

Maria Zannes, President and CEO of bioAffinity Technologies, will provide a corporate update, highlighting CyPath Lung's success in early-stage lung cancer detection. The test has demonstrated high sensitivity and specificity, with commercialization already underway. The lung cancer screening market is projected to hit $5.7 billion by 2030. bioAffinity's AI-enhanced flow cytometry platform is also being developed for COPD and asthma diagnosis. The company holds extensive patents and is backed by strong insider ownership (39%).

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BioAffinity Technologies (Nasdaq: BIAF; BIAFW) has reported a significant 139% growth in the number of pulmonology practices offering its noninvasive CyPath® Lung test for early-stage lung cancer detection since January 1, 2024. Sales outpaced Q1 2024 targets, leading to expansion beyond Texas to eight additional states. The company increased its 2023 sales forecast by 35% in May. This growth is attributed to positive physician-to-physician word of mouth and effective marketing strategies. CyPath® Lung's high sensitivity, specificity, and accuracy have been well-received by the medical community. The lung cancer diagnostics market is projected to reach $4.7 billion by 2030.

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BioAffinity Technologies (Nasdaq: BIAF; BIAFW) reports record Q1 2024 revenue of $2.4 million, driven by CyPath® Lung sales and increased lab volumes. CyPath® Lung orders surged by 547% annualized in the first four months of 2024 over 2023, leading to a 35% increase in the 2024 sales forecast. The number of physician offices ordering the test doubled since January 2024, expanding beyond Texas to states like Pennsylvania and New Jersey. Medicare reimbursement for CyPath® Lung began on January 1, 2024. Precision Pathology Laboratory Services forecasts $9.2-$9.6 million in 2024 revenues, up 23% from 2023. The company reported an increase in R&D and SG&A expenses, resulting in a net loss of $2.1 million for Q1 2024, compared to a net loss of $1.5 million in Q1 2023. BioAffinity closed a $2.5 million funding round to support growth and continued product development in collaboration with the DoD.

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bioAffinity Technologies, Inc. (Nasdaq: BIAF) reports an increase in sales of CyPath® Lung, their noninvasive diagnostic test for lung cancer detection. April sales were up 21% from March, with new orders from physicians in various states. The company also welcomed new team members to support the CyPath® Lung product launch. Additionally, bioAffinity will present research at the American Thoracic Society's Annual Conference.

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bioAffinity Technologies appoints Dr. David Elzi as VP of Product Development to drive new diagnostic tests for early-stage lung cancer and COPD. The company collaborates with the US Department of Defense to conduct research on lung health issues. The development of two new tests using flow cytometry and AI technology aims to improve patient outcomes and expand the company's product portfolio.
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bioAffinity Technologies, Inc. expands partnership with the American Cancer Society to raise funds for lung cancer screening. The joint initiative aims to increase early-stage cancer and lung disease detection through noninvasive tests.
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bioAffinity Technologies, Inc. (BIAF) reports significant revenue growth in fiscal year 2023, reaching $2.5 million from $5,000 in 2022. The company's success is attributed to the acquisition of Precision Pathology Laboratory Services and increasing sales of CyPath® Lung. They achieved a 350% growth in CyPath® Lung tests ordered in Q1 2024, exceeded sales forecasts, and obtained CMS payment approval for 2024. The company expanded its market reach, initiated sales to the Department of Defense, and strengthened its team with key appointments. Despite revenue growth, the company reported a net loss of $7.9 million for 2023.
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WallachBeth Capital LLC facilitated bioAffinity Technologies, Inc.'s (BIAF) sale of 1,600,000 shares of common stock and common warrants in a registered direct offering and private placement. The combined purchase price was $1.5625 per share, with warrants exercisable at $1.64 per share. WallachBeth Capital acted as the sole placement agent for the offering.
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FAQ

What does bioAffinity Technologies, Inc. specialize in?

bioAffinity Technologies specializes in developing noninvasive diagnostic tests and targeted cancer treatments at the cellular level.

What is CyPath® Lung?

CyPath® Lung is a noninvasive test developed by bioAffinity Technologies for the early detection of lung cancer using flow cytometry technology.

Who has licensed CyPath® Lung for development?

CyPath® Lung has been licensed by Precision Pathology Services for further development and commercial sale.

What recent financial agreement has bioAffinity Technologies entered into?

The company has entered into a securities purchase agreement with institutional investors, involving a registered direct offering and a concurrent private placement.

What is the anticipated financial benefit of the recent securities offering?

The offering is expected to raise approximately $2.5 million, excluding potential proceeds from warrant exercises.

Who is assisting bioAffinity Technologies with their financial transactions?

WallachBeth Capital LLC is acting as the sole placement agent for the company's financial transactions.

What are the future plans for bioAffinity Technologies?

bioAffinity Technologies plans to continue the development and commercialization of their diagnostic tests and cancer therapeutics, leveraging the proceeds from recent financial transactions.

How does CyPath® Lung improve patient outcomes?

CyPath® Lung improves patient outcomes by increasing diagnostic accuracy, reducing the need for invasive procedures, and lowering medical costs.

Where can I find more information about the registered direct offering?

Details about the registered direct offering can be found in the prospectus supplement filed with the SEC, available on their website.

What technology does bioAffinity Technologies focus on for their products?

The company focuses on technology that targets cancer cells and cell populations indicative of disease, primarily using flow cytometry in their diagnostics.

bioAffinity Technologies, Inc.

Nasdaq:BIAF

BIAF Rankings

BIAF Stock Data

27.83M
11.66M
35.18%
2.06%
4.96%
Research and Development in Biotechnology
Professional, Scientific, and Technical Services
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United States of America
SAN ANTONIO