bioAffinity Technologies, which is developing a noninvasive test for early detection of lung cancer, raised $8 million by offering 1.3 million units at $6.13, the midpoint of the range of $6 to $6.25. Insiders had indicated on 8% of units in the offering. Each unit consists of one share of common stock, one tradeable warrant exercisable at $7.35, and one non-tradeable warrant exercisable at $7.66.
Because the company offered units with warrants attached, bioAffinity Technologies 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 plans to list on the Nasdaq under the symbol BIAF. WallachBeth Capital and Craft Capital Management acted as joint bookrunners on the deal.
