bioAffinity Technologies In The News
bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW) has recently achieved CAP accreditation for its Precision Pathology Laboratory Services, received a patent in India for targeted cancer treatment, and has been collaborating with ScienceSoft. The company's subsidiary, OncoSelect Therapeutics, LLC, has expanded its intellectual property portfolio to 16 awarded U.S. and foreign patents and 23 pending patent applications related to its porphyrin-based diagnostic platform and cancer treatment therapeutics.
Positive
Precision Pathology Laboratory Services passed the biannual inspection required for CAP accreditation, ensuring the highest standards of quality and patient care.
OncoSelect Therapeutics, LLC received patent protection in India for methods to treat cancer using chemotherapeutic agents conjugated to porphyrins, expanding the company's intellectual property portfolio.
The company has been collaborating with ScienceSoft, highlighting its commitment to innovation and research in the biotechnology field.
The CAP accreditation for Precision Pathology Laboratory Services (PPLS) is a significant endorsement of bioAffinity Technologies' commitment to high-quality laboratory practices. The Clinical Laboratory Improvement Amendments (CLIA) set stringent standards that laboratories must meet to ensure accurate and reliable testing, which is critical for early-stage cancer detection. The re-accreditation suggests that PPLS maintains a robust quality control system, which could enhance the credibility of their CyPath® Lung test and potentially increase its adoption in the market.
From an investor's perspective, the accreditation may signal operational excellence and reliability, possibly translating into sustained or increased demand for PPLS services. This could have a positive effect on bioAffinity Technologies' revenue streams and offer competitive advantages in the precision medicine industry.
The award of a patent in India for OncoSelect Therapeutics' targeted cancer treatment methods represents a strategic expansion of bioAffinity Technologies' IP portfolio. Patents are crucial for biotech companies as they provide exclusive rights to their inventions, preventing competitors from entering the market with similar products. This particular patent could open up the Indian market for bioAffinity's porphyrin-based therapeutics, potentially leading to new partnerships, licensing deals, or direct sales opportunities.
Considering the size and growth potential of India's pharmaceutical market, this patent award could be a stepping stone for bioAffinity Technologies to establish a foothold in emerging markets. For stakeholders, this expansion of IP rights may enhance the company's valuation due to the long-term potential for revenue generation in a new, sizable market.
The collaboration with ScienceSoft, though not elaborated on in the provided content, could imply a strategic partnership that may bolster bioAffinity Technologies' research and development capabilities or enhance its market reach. Collaborations in the biotech sector often lead to the pooling of resources, shared expertise and access to new technologies, which can accelerate product development and lead to synergistic growth.
Investors typically view such collaborations as positive indicators of a company's proactive approach to innovation and market expansion. However, without specific details on the nature and scope of the collaboration, the impact on the business and its stock value remains speculative. Stakeholders might look for further announcements to gauge the potential benefits of this partnership.
01/30/2024 - 08:00 AM
SAN ANTONIO --(BUSINESS WIRE)--
bioAffinity Technologies , Inc. (Nasdaq: BIAF; BIAFW),
Precision Pathology Laboratory Services Passes Biannual Inspection for CAP Accreditation
Precision Pathology Laboratory Services (PPLS), a bioAffinity Technologies company, successfully passed the rigorous biannual inspection required for College of American Pathologists (CAP) accreditation. CAP accreditation is a mark of excellence in laboratory practices, ensuring that laboratories meet the highest standards of quality and patient care under the Clinical Laboratory Improvement Amendments (CLIA), including personnel qualifications, equipment, facilities, safety protocols, and overall management and quality of testing. bioAffinity Technologies Chief Operating Officer Xavier T. Reveles said, “This achievement reaffirms our employees’ commitment to upholding the highest standards of quality and patient care by providing accurate and reliable pathology services, including our CyPath® Lung test for detection of early-stage lung cancer.”
India Awards Patent for Targeted Cancer Treatment to bioAffinity Subsidiary
bioAffinity Technologies subsidiary OncoSelect Therapeutics, LLC recently received patent protection in India for methods to treat cancer using chemotherapeutic agents conjugated to porphyrins. Certain porphyrins, including TCPP, which is used in our CyPath® Lung diagnostic for lung cancer, are fluorescent molecules that have an affinity for cancer cells. OncoSelect research is focused on harnessing the characteristics of porphyrins to develop broad-spectrum treatments for multiple cancers. The Indian patent expands our intellectual property portfolio to 16 awarded U.S. and foreign patents and 23 pending patent applications related to its porphyrin-based diagnostic platform and cancer treatment therapeutics.
ScienceSoft Highlights Collaboration with bioAffinity
ScienceSoft , which provides IT consulting and software development services to more than 1,200 clients around the globe, recently published a case study of its work with bioAffinity Technologies. ScienceSoft helped transform CyPath® Lung’s proprietary algorithm into a desktop analytics application. Developed using artificial intelligence, the algorithm allows CyPath® Lung to profile the approximately 16 million cells in an average sputum sample in minutes to identify cell populations indicative of lung cancer. “Our project required a large amount of industry-specific methodology and integration of our proprietary algorithm into desktop software that can be used by laboratory technicians. The ScienceSoft team did an excellent job and will continue as a trusted consultant as we commercialize CyPath Lung,” bioAffinity President and CEO Maria Zannes said.
bioAffinity Technologies and CyPath® Lung Featured on Webull Corporate Connect
More than 1,000 people registered for Webull Corporate Connect’s recent investment webinar that featured bioAffinity Technologies ’ President and CEO Maria Zannes and two other healthcare executives. Maria’s presentation highlighted the ongoing global need for a noninvasive, accurate and cost-effective technology to detect lung cancer at an early stage when treatment options are more effective. CyPath® Lung is a commercially available diagnostic test for lung cancer that addresses this unmet need by using advanced flow cytometry and artificial intelligence to identify cell populations in patient sputum indicative of malignancy. Lung cancer remains the leading cause of cancer deaths worldwide with a diagnostic test market estimated at $2.6 billion $4.7 billion 1
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. addresses the need for noninvasive diagnosis of early-stage cancer and diseases of the lung and broad-spectrum cancer treatment. The Company’s first product, CyPath® Lung , is a noninvasive test that has shown high sensitivity and specificity for the detection of early-stage lung cancer. CyPath® Lung is marketed as a Laboratory Developed Test (LDT) by Precision Pathology Laboratory Services , a subsidiary of bioAffinity Technologies, Inc. For more information, visit www.bioaffinitytech.com and follow us on LinkedIn , Facebook and X (Twitter ).
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding upholding the highest standards of quality and patient care by providing accurate and reliable pathology services. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current are discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions. While the Company believes these forward-looking statements are reasonable, readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The information in this release is provided only as of the date of this release, and the Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.
1 ReportLinker. Global Lung Cancer Diagnostics Industry. Jan. 2023. https://www.reportlinker.com/p05834219/Global-Lung-Cancer-Diagnostics-Industry.html
View source version on businesswire.com: https://www.businesswire.com/news/home/20240130175551/en/
bioAffinity Technologies
jao@bioaffinitytech.com
Investor Relations
BIAF@redchip.com
Source: bioAffinity Technologies, Inc.
What is the ticker symbol for bioAffinity Technologies, Inc.?
The ticker symbol for bioAffinity Technologies, Inc. is BIAF.
What recent achievement did Precision Pathology Laboratory Services have?
Precision Pathology Laboratory Services passed the biannual inspection required for CAP accreditation, ensuring the highest standards of quality and patient care.
How many patents does OncoSelect Therapeutics, LLC have in its intellectual property portfolio?
OncoSelect Therapeutics, LLC has expanded its intellectual property portfolio to 16 awarded U.S. and foreign patents and 23 pending patent applications related to its porphyrin-based diagnostic platform and cancer treatment therapeutics.
