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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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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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bioAffinity Technologies, Inc. (Nasdaq: BIAF) closes securities purchase agreement with institutional investors, offering 1,600,000 shares of common stock and warrants at $1.5625 per share, expecting $2.5 million in gross proceeds. The company plans to utilize the funds for working capital and general corporate purposes.
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BioAffinity Technologies (BIAF) announces a securities purchase agreement with institutional investors for the sale of 1,600,000 shares of common stock and common warrants. The Offering includes a registered direct offering and a concurrent private placement at a combined purchase price of $1.5625 per common share. The common warrants have an exercise price of $1.64 per share and will expire five years from the date of shareholder approval.
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bioAffinity Technologies, Inc. (Nasdaq: BIAF and BIAFW) has announced a securities purchase agreement with institutional investors for the sale of 1,600,000 shares of common stock and common warrants. The purchase price is $1.5625 per share, with warrants exercisable at $1.64 per share. The offering includes a registered direct offering and a concurrent private placement.
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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

25.10M
7.77M
34.73%
1.36%
0.48%
Research and Development in Biotechnology
Professional, Scientific, and Technical Services
Link
United States of America
SAN ANTONIO

About BIAF

addressing a critical need to find cancer early and treat cancer specifically bioaffinity technologies, inc. develops tests and therapies to detect and treat cancer at the cellular level. our first product, cypath® flow cytometry for lung cancer (cypath® lung), has been licensed by precision pathology services for continued development and commercial sale as a laboratory developed test. cypath® lung has the potential to dramatically increase overall diagnostic accuracy leading to increased survival, fewer unnecessary invasive procedures and lower patient anxiety and medical costs.