bioAffinity Technologies Secures $4.8M in Public Offering

bioAffinity Technologies Announces Successful Public Offering

bioAffinity Technologies, Inc. (NASDAQ: BIAF), a biotechnology company focused on developing noninvasive tests for early-stage cancer detection, recently announced an important milestone in its funding journey. The company has successfully priced a public offering of securities, raising significant capital that will advance its mission to innovate in cancer diagnostics.

Details of the Offering

The public offering aims to raise cumulative gross proceeds amounting to $4.8 million before the deduction of agent fees and other estimated expenses. This sale includes 1,921,799 shares of common stock or pre-funded warrants, priced at $2.50 per share. Investors can exercise these pre-funded warrants for one share of common stock, with the exercise process being seamless and immediate.

Structure of the Securities

Each pre-funded warrant features a nominal exercise price of $0.007 and a purchase price that is strategically set to be just below the public offering price. The company has ensured the terms of the offer are attractive for investors, promoting greater interest and participation in this essential funding round.

Anticipated Closing of the Offering

The closing of this offering is projected to occur shortly, following customary closing conditions. This timing is strategically aligned with various corporate initiatives aimed at enhancing revenue streams through innovative product development.

Role of WallachBeth Capital

Acting as the sole placement agent for this public offering, WallachBeth Capital LLC provides professional capital market services. Their expertise in facilitating transactions makes them an ideal partner for bioAffinity Technologies during this critical funding period.

Investing in Innovation

The funds generated from this public offering are pivotal for bioAffinity Technologies as it pushes forward with the development of its pioneering diagnostic tests. The primary goal remains enhancing early-stage cancer detection methods, which are vital in improving patient outcomes and transforming cancer care.

Commitment to Transforming Healthcare

bioAffinity Technologies has consistently demonstrated a commitment to advancing healthcare technology. As it progresses towards its goal of launching innovative diagnostic tools, the support from this public offering will fuel research and development, catalyzing new health solutions.

Investor Relations and Transparency

The company is dedicated to maintaining open lines of communication with its investors. Electronic copies of any relevant prospectus supplements will be readily available upon request, ensuring that all stakeholders have access to important investment information.

About bioAffinity Technologies, Inc.

bioAffinity Technologies, Inc. is at the forefront of developing and offering innovative solutions in cancer diagnosis. Their revolutionary approach focuses on noninvasive testing methodologies that aim to provide healthcare providers and patients with early detection, subsequently improving treatment efficacy and health outcomes.

Frequently Asked Questions

What is the purpose of the public offering by bioAffinity Technologies?

The public offering aims to raise funds to further advance the development of noninvasive cancer detection tests.

How many shares are being offered in the public offering?

A total of 1,921,799 shares are being offered in the public offering.

What is the price per share for the offered securities?

The offered securities are priced at $2.50 per share.

Who is the placement agent for this offering?

WallachBeth Capital LLC is acting as the sole placement agent for the offering.

What will the proceeds from the offering be used for?

The proceeds will be utilized to support research and development focused on enhancing early-stage cancer detection methodologies.

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