bioAffinity Technologies closes $4 million stock offering

bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) has closed a registered direct offering of common stock and a concurrent private placement, raising approximately $4 million in gross proceeds before placement agent fees and other expenses, according to a press release from the San Antonio-based biotechnology company.

The registered direct offering was priced at $6.122 per share, or $6.115 per pre-funded warrant, with an institutional investor. The concurrent private placement includes warrants to purchase up to 980,072 shares of common stock at an exercise price of $6.122 per share. The warrants will be exercisable following stockholder approval and will expire five years from the date of that approval. Pre-funded warrants carry an exercise price of $0.007 per share.

WallachBeth Capital, LLC served as the sole placement agent for the offering.

The company said it intends to use the net proceeds for working capital, to support expected sales growth of its CyPath Lung noninvasive lung cancer detection test, and for general corporate purposes.

The common stock was offered under a shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission and declared effective on November 27, 2023.

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