bioAffinity Technologies raises $1.8 million in registered direct offering

bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) announced it entered into agreements to sell 720,000 shares of common stock at $2.50 per share in a registered direct offering. The biotechnology company expects to receive approximately $1.8 million in gross proceeds before deducting placement agent fees and other expenses.

The offering is priced at-the-market under Nasdaq rules, with closing expected to occur on or about October 9, 2025, subject to customary closing conditions. WallachBeth Capital, LLC is serving as the sole placement agent for the transaction.

The company stated it intends to use the net proceeds for working capital, to support expected growing sales for CyPath Lung, its noninvasive lung cancer test, and general corporate purposes. CyPath Lung is marketed as a Laboratory Developed Test by Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies.

The shares are being 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. A prospectus supplement describing the terms of the offering will be filed with the SEC.

bioAffinity Technologies focuses on developing noninvasive tests for early-stage cancer detection and broad-spectrum cancer treatments. The San Antonio-based company's CyPath Lung test has demonstrated high sensitivity, specificity and accuracy for detecting early-stage lung cancer, according to the company's statement.

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