bioAffinity Technologies closes $4.8 million public offering

bioAffinity Technologies Inc. (NASDAQ: BIAF, BIAFW) completed a public offering that raised $4.8 million in gross proceeds before deducting agent fees and expenses, the biotechnology company announced.

The offering consisted of 1,921,761 shares of common stock or pre-funded warrants at $2.50 per share or $2.493 per pre-funded warrant. Each pre-funded warrant can be exercised for one share of common stock and has an exercise price of $0.007 per share.

WallachBeth Capital LLC served as the sole placement agent for the offering. The securities were offered under a registration statement on Form S-1 that was previously filed and declared effective by the Securities and Exchange Commission.

The San Antonio-based company focuses on developing noninvasive tests for early-stage cancer detection. Its primary product, CyPath Lung, is a noninvasive test for detecting early-stage lung cancer that is marketed as a Laboratory Developed Test through its subsidiary Precision Pathology Laboratory Services.

The information is based on a company press release statement.

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