bioAffinity Technologies Announces Pricing of IPO
September 01 2022 - 7:15AM
Business Wire
bioAffinity Technologies, Inc., a cancer diagnostics company
that develops noninvasive, early-stage diagnostics to detect cancer
and diseases of the lung and is researching targeted therapies to
treat cancer, announced today that its initial public offering of
1,282,600 units of securities has been priced at $6.125 per unit.
Total gross proceeds from the offering is estimated to be
$7,855,925 before deducting underwriting discounts and commissions
and other estimated offering expenses.
Each unit, which has no stand-alone rights and will not be
certificated or issued as a stand-alone security, consists of one
share of common stock, one tradeable warrant to purchase one share
of common stock at an exercise price of $7.35 per share, and one
non-tradeable warrant to purchase one share of common stock at an
exercise price of $7.656 per share. Each warrant is immediately
exercisable and will expire five years from the date of issuance.
The shares of common stock and the tradable warrants may be
transferred separately immediately upon issuance. In addition,
bioAffinity has granted the underwriters a 45-day option to
purchase up to 192,390 shares of common stock, and/or 192,390
tradeable warrants, and/or 192,390 non-tradeable warrants, or any
combination of additional shares of common stock and warrants
representing, in the aggregate, up to 15% of the number of the
units sold in this offering to cover over-allotments in this
offering.
The shares and the tradeable warrants will begin trading on
September 1, 2022, on the Nasdaq Capital Market under the ticker
symbols “BIAF” and “BIAFW,” respectively. The Company intends to
use the net proceeds for the commercialization of its diagnostic
called CyPath® Lung, a non-invasive test for the early detection of
lung cancer that has completed a clinical trial showing 92%
sensitivity and 87% specificity in detecting lung cancer in
individuals at high risk who have lung nodules less than 2
centimeters. Proceeds also will be used for development of tests,
additional clinical trials, regulatory filings, and for working
capital and general corporate purposes.
WallachBeth Capital, LLC and Craft Capital Management, LLC are
co-managers and co-book running managers for the offering.
bioAffinity’s registration statement relating to these
securities was declared effective as of August 29, 2022, by the
U.S. Securities and Exchange Commission. The offering is being made
only by means of a prospectus. Copies of the final prospectus may
be obtained on the SEC’s website, http://www.sec.gov and by
contacting WallachBeth Capital, LLC, Attention: Capital Markets,
185 Hudson Street, Jersey City, NJ 07311, by telephone at
646-998-7608, or by email at cap-mkts@wallachbeth.com
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the anticipated use of proceeds from
the Company’s offering of its units. Forward-looking statements can
be identified by words such as “believes,” “expects,” “estimates,”
“intends,” “may,” “plans,” “will” and similar expressions, or the
negative of these words. Such forward-looking statements are based
on facts and conditions as they exist at the time such statements
are made and predictions as to future facts and conditions. Readers
of this press release are cautioned not to place undue reliance on
any forward-looking statements. The Company does not undertake any
obligation to update any forward-looking statement relating to
matters discussed in this press release, except as may be required
by applicable securities laws.
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. is a Delaware corporation
addressing the need for noninvasive diagnosis of early-stage cancer
and diseases of the lung and targeted cancer treatment. The Company
develops proprietary noninvasive diagnostic tests and cancer
therapeutics using technology that preferentially targets cancer
cells and cell populations indicative of a diseased state. The
Company’s first product called CyPath® Lung is a noninvasive test
that has shown high sensitivity and specificity for the detection
of early-stage lung cancer. CyPath® Lung is marketed as a
Laboratory Developed Test by Precision Pathology Services. Research
and optimization of the Company’s platform technologies are
conducted in its laboratories at The University of Texas at San
Antonio.
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version on businesswire.com: https://www.businesswire.com/news/home/20220901005311/en/
Maria Zannes, President and Chief Executive Officer
mz@bioaffinitytech.com 505.400.9747
bioAffinity Technologies (NASDAQ:BIAF)
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