bioAffinity Technologies Secures $1.8M in Direct Financing

bioAffinity Technologies Closes $1.8 Million Direct Financing

WallachBeth Capital LLC, recognized for its expertise in capital markets, has recently announced an important financial milestone for bioAffinity Technologies, Inc. (NASDAQ: BIAF). The biotechnology company, known for its pioneering work in noninvasive tests for the early detection of cancer, has successfully closed a registered direct offering, securing $1.8 million through the sale of 720,000 shares of common stock. The shares were offered at a price of $2.50 each as per Nasdaq regulations.

Purpose of the Financing

The funds raised are intended to elevate bioAffinity Technologies' operational capabilities. This injection of capital will primarily be directed towards working capital requirements and to bolster the anticipated increase in sales of their flagship product, CyPath® Lung. This test represents a significant advancement in lung cancer detection and underscores the company's commitment to providing essential health solutions.

Details of the Offering

The registered direct offering is part of a broader strategy, utilizing a shelf registration statement previously filed with the U.S. Securities and Exchange Commission (SEC). This approach enhances the company's ability to quickly access capital markets as needed. The SEC has already declared the registration statement effective, asserting the compliance of bioAffinity Technologies with regulatory standards.

Role of WallachBeth Capital

In this offering, WallachBeth Capital LLC played a critical role as the sole placement agent. Their expertise in executing capital raises enabled a smooth transaction process, facilitating bioAffinity's access to necessary funds while adhering to financial regulations.

Strategic Growth Plans

With the proceeds from this financing, bioAffinity Technologies is set to capitalize on its growing momentum in the diagnostics field. The company demonstrates a forward-thinking approach, aiming not only to enhance product sales but also to expand its overall market presence. These strategic growth plans underline the potential impact of their innovative test on patient outcomes.

About bioAffinity Technologies

bioAffinity Technologies, Inc. is at the forefront of developing noninvasive tests designed to detect early-stage cancer. Their dedication to revolutionizing cancer screening is evident in their innovative methodologies and commitment to improving health outcomes. The company consistently strives to deliver solutions that not only detect cancer early but do so in a way that is accessible and patient-friendly.

About WallachBeth Capital LLC

WallachBeth Capital LLC offers critical advisory and execution services within capital markets, focusing on corporate clients. They are involved in various financial activities, including initial public offerings, private placements, and at-the-market programs. Their extensive experience contributes significantly to their clients' financial success, reinforcing their reputation as a preferred broker-dealer.

Frequently Asked Questions

What is bioAffinity Technologies known for?

bioAffinity Technologies specializes in developing noninvasive cancer detection tests, particularly focusing on early-stage lung cancer.

How much funding did bioAffinity Technologies raise?

The company successfully closed a $1.8 million registered direct offering.

Who acted as the placement agent for this financing?

WallachBeth Capital LLC served as the sole placement agent for bioAffinity's direct financing.

What is the intended use of the funds raised?

The funds will be utilized for working capital, supporting the expected growth in sales of CyPath® Lung, and general corporate purposes.

What regulatory body oversees bioAffinity's offerings?

The U.S. Securities and Exchange Commission (SEC) regulates bioAffinity's securities offerings to ensure compliance with federal laws.

About The Author

Dedicated Author and financial expert Logan Wright here, 29 years old. After earning an economics degree, I spent a number of years working in different financial industries. My great passion is enabling everyone, from any background or experience level, to understand and be literate in financial matters.

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