bioAffinity Technologies prices private placement for $1.2 million

bioAffinity Technologies Inc. (NASDAQ: BIAF) announced it has entered into securities purchase agreements with institutional and accredited investors for a private placement expected to generate approximately $1.2 million in gross proceeds.

The biotechnology company will sell 990 shares of Series B Convertible Preferred Stock at $1,000 per share, initially convertible into approximately 4.3 million common shares at $0.23 per share. The transaction includes warrants to purchase approximately 6.7 million common shares at an exercise price of $0.352 per share, expiring five years from the exercise date.

The company also entered into a warrant exercise agreement with an existing investor to exercise outstanding warrants for 1.1 million common shares issued in August and October 2024. The exercise prices were reduced from $1.50 and $1.25 to $0.23 per share, generating approximately $253,000 in proceeds. In exchange, the investor will receive new warrants for up to 1.43 million shares at $0.352 per share.

The transactions are expected to close on or about August 14, 2025, subject to customary closing conditions. Both warrant exercises require stockholder approval before becoming exercisable.

bioAffinity Technologies plans to use the net proceeds for working capital and general corporate purposes. WallachBeth Capital LLC serves as the sole placement agent for the private placement and financial advisor for the warrant transaction.

The company develops noninvasive tests for early-stage cancer detection, with its primary product CyPath Lung marketed as a Laboratory Developed Test through subsidiary Precision Pathology Laboratory Services.

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