What's Happening?
bioAffinity Technologies, Inc., a biotechnology company focused on noninvasive cancer detection, has announced a registered direct offering of common stock priced at-the-market under Nasdaq rules. The company plans to sell 720,000 shares at $2.50 per share, expecting to raise approximately $1.8 million before deducting fees and expenses. The proceeds will be used for working capital and to support growing sales of CyPath® Lung, a noninvasive test for lung cancer. The offering is facilitated by WallachBeth Capital, LLC, and is expected to close around October 9, 2025, subject to customary conditions.
Why It's Important?
This financing is significant for bioAffinity Technologies as it supports the expansion of CyPath® Lung, a test that offers high sensitivity and specificity for early-stage lung cancer detection. The funds will aid in scaling operations and potentially increase market penetration, addressing the critical need for early cancer diagnosis. The move reflects the company's strategic focus on enhancing its product offerings and expanding its market presence, which could lead to improved healthcare outcomes and increased investor confidence.
What's Next?
Following the completion of the offering, bioAffinity Technologies is likely to focus on expanding its distribution channels and increasing the adoption of CyPath® Lung. The company may also explore further partnerships or collaborations to enhance its product portfolio and market reach. Investors and stakeholders will be watching for updates on sales growth and any new developments in the company's diagnostic technologies.
