bioAffinity Technologies closes $1.8 million stock offering

bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) completed a registered direct offering of 720,000 shares of common stock at $2.50 per share, raising $1.8 million in gross proceeds.

The biotechnology company, which develops noninvasive tests for early-stage cancer detection, priced the offering at-the-market under Nasdaq rules. WallachBeth Capital, LLC served as the sole placement agent for the transaction.

The company stated it plans to use the net proceeds for working capital, supporting expected sales growth for its CyPath Lung noninvasive lung cancer test, and general corporate purposes.

The shares were offered under a shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission and declared effective on November 27, 2023. The offering was conducted through a prospectus supplement and accompanying prospectus filed with the SEC.

bioAffinity Technologies focuses on developing noninvasive diagnostic tests for early-stage cancer and other lung diseases. Its primary product, CyPath Lung, is marketed as a Laboratory Developed Test through its subsidiary, Precision Pathology Laboratory Services.

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