WallachBeth Capital Announces Closing of bioAffinity Technologies Public Offering for $4.8m

Rhea-AI Summary

bioAffinity Technologies (NASDAQ: BIAF) has completed its previously announced public offering, raising $4.8 million in gross proceeds. The offering consisted of 1,921,761 shares of Common Stock (or pre-funded warrants) priced at $2.50 per share ($2.493 per pre-funded warrant).

WallachBeth Capital LLC served as the sole placement agent for the offering. The pre-funded warrants have an exercise price of $0.007 per share and will expire when exercised in full. The offering was conducted pursuant to an effective registration statement on Form S-1 filed with the SEC.

Positive

• Raised $4.8 million in gross proceeds to strengthen balance sheet
• Successful completion of public offering indicates market interest

Negative

• Potential dilution for existing shareholders
• Additional expenses for agent fees and other costs will reduce net proceeds

Insights

Biotech Financial Analyst

bioAffinity Technologies raised $4.8M through a public offering, strengthening its balance sheet for cancer detection technology development.

bioAffinity Technologies has successfully closed its public offering, securing $4.8 million in gross proceeds. This capital raise consisted of 1,921,761 common shares (or pre-funded warrants) priced at $2.50 per share. For a development-stage biotech company focused on early cancer detection technologies, this funding represents a significant financial milestone.

The financing structure included pre-funded warrants with a nominal exercise price of $0.007, indicating the company offered flexibility to certain investors who may have ownership limitations. WallachBeth Capital served as the sole placement agent, suggesting this was a specialized offering targeted at specific institutional investors.

This capital infusion is particularly important for bioAffinity as it operates in the cancer diagnostics sector, where extensive capital is required for clinical validation, regulatory approvals, and commercial infrastructure. Early cancer detection represents a substantial market opportunity, but requires significant investment before generating revenue.

While the $4.8 million strengthens the company's balance sheet, it's worth noting that biotech product development typically demands substantial ongoing investment. This raise likely provides runway to achieve specific development milestones rather than funding the company through to profitability. The pricing at $2.50 per share provides a clear market valuation benchmark for investors to consider when evaluating the company's current financial position.

JERSEY CITY, N.J., Sept. 30, 2025 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today that bioAffinity Technologies, Inc. (NASDAQ: BIAF and BIAFW) a biotechnology company focused on the need for noninvasive tests for the detection of early-stage cancer has closed its previously announced public offering of securities as described below for aggregate gross proceeds to the Company of $4.8 million, before deducting agent fees and other estimated expenses payable by the company.

The offering consisted of 1,921,761 shares (the "Shares") of our Common Stock (or pre-funded warrants (the "Pre-Funded Warrants") in lieu thereof) at a purchase price of $2.50 per share (or $2.493 per Pre-Funded Warrant). Each Pre-Funded Warrant will be exercisable for one share of our Common Stock and will be immediately exercisable and will expire when exercised in full. The purchase price of each Pre-Funded Warrant will equal the price per share of Common Stock being sold to the public, minus $0.007, and the exercise price of each Pre-Funded Warrant will be $0.007 per share.

WallachBeth Capital, LLC acted as sole placement agent for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

The securities described above were offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-290480), as amended, previously filed and declared effective by the Securities and Exchange Commission (the "SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a preliminary prospectus and final prospectus that will form a part of the registration statement. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the prospectus supplements may be obtained, when available, from WallachBeth Capital, LLC, via email at cap-mkts@wallachbeth.com, by calling +1 (646) 237-8585, or by standard mail at WallachBeth Capital LLC, Attn: Capital Markets, 185 Hudson St., Suite 1410, Jersey City, NJ 07311, USA.

About WallachBeth Capital LLC:

WallachBeth Capital offers a robust range of capital markets and investment banking services to the healthcare community, connecting corporate clients with leading institutions, supporting issuers and investors in achieving their financial goals. The firm's experience includes initial public offerings, follow-on issues, PIPE offerings, and private transactions and ATM's.

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 the closing of the offering on August 14, 2025. 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 expectations include, among others, the ability to close the offering when anticipated and the risk factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, 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.

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SOURCE WallachBeth Capital LLC

FAQ

How much did bioAffinity Technologies (BIAF) raise in their September 2025 public offering?

bioAffinity Technologies raised $4.8 million in gross proceeds through their public offering of common stock and pre-funded warrants.

What was the share price for bioAffinity Technologies' (BIAF) 2025 public offering?

The offering was priced at $2.50 per share for common stock and $2.493 for pre-funded warrants.

How many shares were offered in bioAffinity Technologies' (BIAF) September 2025 offering?

The offering consisted of 1,921,761 shares of Common Stock (or pre-funded warrants in lieu thereof).

Who was the placement agent for bioAffinity Technologies' (BIAF) 2025 public offering?

WallachBeth Capital LLC acted as the sole placement agent for the offering.

What is the exercise price of the pre-funded warrants in BIAF's 2025 offering?

The pre-funded warrants have an exercise price of $0.007 per share and will expire when exercised in full.