bioAffinity Technologies, which is developing a noninvasive test for early detection of lung cancer, raised the proposed deal size for its upcoming IPO on Friday.
The San Antonio, TX-based company now plans to raise $8 million by offering 1.3 million units at a price range of $6 to $6.25. The company had previously filed to offer 1.2 million units at a price of $6. Each unit still consists of one share of common stock, one tradeable warrant exercisable at 120% of the IPO price, and one non-tradeable warrant exercisable at 125% of the IPO price. At the midpoint of the revised range, bioAffinity Technologies will raise 11% more in proceeds than previously anticipated and command a fully diluted market value of $54 million.
Because the company is offering warrants, bioAffinity Tehnologies 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 following months, 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.
