bioAffinity Technologies closes private placement for $1.2 million

bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) announced the completion of a private placement transaction and warrant inducement deal that generated approximately $1.2 million in gross proceeds.

The biotechnology company sold 990 shares of Series B Convertible Preferred Stock along with warrants to purchase approximately 6.7 million shares of common stock through the private placement.

The company also completed a warrant inducement transaction where an existing investor exercised warrants to purchase 1.1 million shares of common stock. The exercise prices for these warrants were reduced from $1.50 to $0.23 per share, generating approximately $253,000 in cash proceeds for bioAffinity Technologies.

As part of the inducement agreement, the company issued new warrants to purchase up to 1.4 million shares of common stock at an exercise price of $0.352 per share. These new warrants will become exercisable once stockholder approval is obtained and will expire five years from the approval date.

WallachBeth Capital LLC served as the sole placement agent for the private placement and financial advisor for the warrant inducement transaction.

The securities were offered through a private placement exempt from registration requirements under federal securities laws and have not been registered under the Securities Act of 1933 or applicable state securities laws.

bioAffinity Technologies focuses on developing noninvasive tests for early-stage cancer detection. The company's primary product, CyPath Lung, uses flow cytometry and artificial intelligence to identify cancer cells in patient sputum samples.

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