BioAffinity Technologies Closes $4 Million Direct Stock Offering
Biotechnology firm bioAffinity Technologies has completed a registered direct offering and concurrent private placement, raising approximately $4 million. The funds will support working capital and the company's lung cancer detection test.
bioAffinity Technologies, Inc., a biotechnology company focused on noninvasive healthcare solutions, announced the closing of its registered direct offering and a concurrent private placement, raising approximately $4 million in gross proceeds. The company plans to allocate these funds towards working capital, supporting the anticipated growth of its CyPath® Lung test for early lung cancer detection, and general corporate purposes.
WallachBeth Capital LLC served as the sole placement agent for the transaction. The offering included shares of common stock and pre-funded warrants at a purchase price of $6.122 and $6.115, respectively. A concurrent private placement involved warrants to purchase up to approximately 980,072 shares of common stock.
The company's CyPath® Lung test aims to provide early detection and monitoring for lung disease. The capital infusion is expected to strengthen bioAffinity Technologies' financial standing and support its ongoing efforts in developing and commercializing its diagnostic technologies.
The securities were offered pursuant to effective registration statements filed with the U.S. Securities and Exchange Commission (SEC). Details regarding the terms of the offering are available in the company's SEC filings.