bioAffinity Technologies, which is developing a noninvasive test for early detection of lung cancer, announced terms for its IPO on Wednesday.
The San Antonio, TX-based company plans to raise $10 million by offering 1.5 million units at $6.75. Each unit consists of one share of common stock and one warrant, exercisable at 120% of the IPO price. At the proposed price, bioAffinity Technologies would command a fully diluted market value of $61 million.
Because the company is now offering warrants, bioAffinity Tehnologies is no longer eligible for tracking and will be excluded from Renaissance Capital's 2022 IPO stats.
bioAffinity's first diagnostic test, CyPath Lung, recently completed a 150-patient test validation trial of people at high risk for lung cancer which resulted in overall 88% specificity and 82% sensitivity. The company expects to do a controlled launch in the state of Texas in the 2Q22 followed by regional expansion, and ultimately, a staged nationwide expansion of sales and marketing in the 3Q23. bioAffinity also plans to develop CyPath to detect other forms of cancer and lung diseases. The company has not yet generated revenues, but does anticipate generating revenues in 2022.
bioAffinity Technologies was founded in 2014 and plans to list on the Nasdaq under the symbol BIAF. WallachBeth Capital is the sole bookrunner on the deal.
