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Yahoo
a day ago
- Business
- Yahoo
bioAffinity Technologies Announces Closing of Private Placement and Warrant Inducement Transaction for Approximately $1.2 Million in Gross Proceeds
SAN ANTONIO, August 14, 2025--(BUSINESS WIRE)--bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW), a biotechnology company focused on the need for noninvasive tests for the detection of early-stage cancer, today announced the closing of its previously announced private placement transaction for the purchase and sale of 990 shares of the Company's Series B Convertible Preferred Stock (the "Preferred Stock") and warrants (the "Private Placement Warrants") to purchase approximately 6.7 million shares of common stock (the "Private Placement"). The Company also announced the closing of its previously announced warrant inducement transaction pursuant to which an existing accredited investor exercised (i) outstanding warrants to purchase 450,000 shares of the Company's shares of common stock that were issued in August 2024 (the "August Warrants") and (ii) outstanding warrants to purchase 650,000 shares of the Company's common stock that were issued in October 2024 (the "October Warrants" and together with the August Warrants, the "Existing Warrants"), which reduced the exercise prices of the August Warrants from $1.50 to $0.23 per share and the October Warrants from $1.50 to $0.23 per share and provided for the issuance to such investor of new unregistered warrants (the "New Warrants") to purchase up to an aggregate of 1.4 million shares of the Company's common stock in consideration for the immediate exercise in full of the Existing Warrants for gross cash proceeds to the Company of approximately $253,000 (the "Warrant Inducement"). The New Warrants have an exercise price of $0.352 per share and will be initially exercisable on the date that stockholder approval of the exercise of the New Warrants is obtained and will expire five years from the date of such approval. WallachBeth Capital LLC acted as the sole placement agent for the Private Placement and financial advisor for the Warrant Inducement. The securities described above were offered in a private placement exempt from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act") and Regulation D promulgated thereunder and in a transaction not involving a public offering and have not been registered under the Act or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About CyPath® Lung CyPath® Lung uses proprietary advanced flow cytometry and artificial intelligence (AI) to identify cell populations in patient sputum that indicate malignancy. Automated data analysis helps determine if cancer is present or if the patient is cancer-free. CyPath® Lung incorporates a fluorescent porphyrin that is preferentially taken up by cancer and cancer-related cells. Clinical study results demonstrated that CyPath® Lung had 92% sensitivity, 87% specificity and 88% accuracy in detecting lung cancer in patients at high risk for the disease who had small lung nodules less than 20 millimeters. Diagnosing and treating early-stage lung cancer can improve outcomes and increase patient survival. For more information, visit About bioAffinity Technologies, Inc. bioAffinity Technologies, Inc. addresses the need for noninvasive diagnosis of early-stage cancer and other diseases of the lung and broad-spectrum cancer treatments. The Company's first product, CyPath® Lung, is a noninvasive test that has shown high sensitivity, specificity and accuracy for the detection of early-stage lung cancer. CyPath® Lung is marketed as a Laboratory Developed Test (LDT) by Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies. For more information, visit Forward-Looking Statements Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the closing of the offering on August 14, 2025. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict, that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the ability to close the offering when anticipated and the risk factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. 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. While the Company believes these forward-looking statements are reasonable, readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The information in this release is provided only as of the date of this release, and 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. View source version on Contacts bioAffinity Technologies Julie Anne OvertonDirector of Communicationsjao@ Investor Relations Dave GentryRedChip Companies Inc.1-800-RED-CHIP (733-2447) or 407-491-4498BIAF@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
BioAffinity Technologies Secures Patent for Novel Cancer Therapy Targeting CD320 and LRP2 Receptors
On Wednesday, BioAffinity Technologies Inc. (NASDAQ:BIAF) announced that the US Patent and Trademark Office/USPTO has issued a new patent. The patent is titled "Compositions and Methods for Treating Cancer," and covers a novel method and composition for selectively eliminating cancer cells by targeting the CD320 and LRP2 receptors on the cell membrane. The therapeutic approach outlined in the patent applies to a broad spectrum of cancers, including those of the lung, breast, prostate, brain, and skin. BioAffinity Technologies has already initiated research towards developing a topical treatment for skin cancers. The new patent supports the company's intellectual property portfolio, which now includes 19 awarded US and foreign patents and 36 pending patent applications related to its diagnostic platform and cancer treatment therapeutics. A medical professional in a hospital, using targeted cancer therapuetics to treat cancer patients. The invention utilizes small interfering RNAs (siRNAs) to suppress the expression of CD320 and LRP2 proteins. In vitro studies have demonstrated that the simultaneous knockdown of both proteins is selectively cytotoxic to human cancer cells, while sparing normal cells under the same treatment conditions. The studies also indicated that the double knockdown of CD320 and LRP2 is crucial, as down-regulating only one receptor led to increased protein expression in the other, and was insufficient to kill cancer cells or significantly inhibit their proliferation. BioAffinity Technologies Inc. (NASDAQ:BIAF) develops non-invasive diagnostics to detect early-stage lung cancer and other diseases of the lung using flow cytometry and automated analysis in the US. It operates through two segments: Diagnostic R&D and Laboratory Services. While we acknowledge the potential of BIAF to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BIAF and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
BioAffinity Technologies Secures Patent for Novel Cancer Therapy Targeting CD320 and LRP2 Receptors
On Wednesday, BioAffinity Technologies Inc. (NASDAQ:BIAF) announced that the US Patent and Trademark Office/USPTO has issued a new patent. The patent is titled "Compositions and Methods for Treating Cancer," and covers a novel method and composition for selectively eliminating cancer cells by targeting the CD320 and LRP2 receptors on the cell membrane. The therapeutic approach outlined in the patent applies to a broad spectrum of cancers, including those of the lung, breast, prostate, brain, and skin. BioAffinity Technologies has already initiated research towards developing a topical treatment for skin cancers. The new patent supports the company's intellectual property portfolio, which now includes 19 awarded US and foreign patents and 36 pending patent applications related to its diagnostic platform and cancer treatment therapeutics. A medical professional in a hospital, using targeted cancer therapuetics to treat cancer patients. The invention utilizes small interfering RNAs (siRNAs) to suppress the expression of CD320 and LRP2 proteins. In vitro studies have demonstrated that the simultaneous knockdown of both proteins is selectively cytotoxic to human cancer cells, while sparing normal cells under the same treatment conditions. The studies also indicated that the double knockdown of CD320 and LRP2 is crucial, as down-regulating only one receptor led to increased protein expression in the other, and was insufficient to kill cancer cells or significantly inhibit their proliferation. BioAffinity Technologies Inc. (NASDAQ:BIAF) develops non-invasive diagnostics to detect early-stage lung cancer and other diseases of the lung using flow cytometry and automated analysis in the US. It operates through two segments: Diagnostic R&D and Laboratory Services. While we acknowledge the potential of BIAF to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BIAF and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
20-05-2025
- Business
- Yahoo
BIAF Stock Rises Post Q1 Earnings Despite Revenue Decline
Shares of bioAffinity Technologies, Inc. BIAF have risen 0.04% since the company reported its earnings for the quarter ended March 31, 2025, slightly lagging the broader market, as the S&P 500 Index rose 1.1% over the same period. However, the stock's longer-term performance has been notably weak, with a 54.7% decline over the past month compared to a robust 15.4% increase in the S&P 500. For the first quarter of 2025, bioAffinity reported revenues of $1.9 million, down 22.9% from $2.4 million in the year-ago period. The decline was primarily due to changes in revenue contributions from patient service fees, histology services and medical director fees. Despite the top-line contraction, BIAF's net loss narrowed on a per-share basis to $0.16 compared with a net loss of $0.20 per share in the first quarter of 2024, though the absolute loss widened to $2.7 million from $1.9 million due to a higher share count. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Operating expenses increased 2.9% to $4.5 million from $4.4 million in the prior-year quarter. Direct costs and expenses declined 13.1% to $1.4 million from $1.6 million, and R&D expenses fell 6.7% to $367,386 from $393,639. However, clinical development expenses rose sharply from $48,960 to $138,353, reflecting ongoing investments in bioAffinity's pivotal trial strategy. Selling, general and administrative expenses increased 12.2% to $2.5 million from $2.2 million, as the company scaled its commercialization team for CyPath Lung. Sales of bioAffinity's flagship diagnostic, CyPath Lung, surged 276% year over year, reflecting growing market acceptance and operational scaling following the test's 2024 beta launch in Texas. The company emphasized strong demand during the quarter, supported by more than 600 tests delivered in 2024 and continued momentum into 2025. Management attributed the performance to the test's clinical utility, including its ability to detect early-stage lung cancer and prevent unnecessary invasive procedures. The sharp revenue decline appears at odds with the CyPath Lung sales spike, likely indicating a strategic pivot away from low-margin services. This aligns with management's decision to discontinue select pathology services and implement cost-cutting measures expected to save approximately $3.8 million annually. These actions are designed to improve profitability and focus resources on high-margin diagnostics. bioAffinity Technologies, Inc. price-consensus-eps-surprise-chart | bioAffinity Technologies, Inc. Quote CEO Maria Zannes highlighted bioAffinity's operational progress and strategic direction in her remarks. She pointed to a clear focus on commercial execution, including targeted labor reductions and operational changes at the company's subsidiary lab. These efforts are aimed at supporting CyPath Lung's growth while improving the overall cost structure. Zannes also emphasized recent enhancements in CyPath Lung's test processing. Specifically, post-quarter improvements increased data acquisition throughput by 50% and reduced per-test cost by more than 25%, materially enhancing scalability and profitability without compromising clinical performance. bioAffinity ended the quarter with $0.4 million in cash, down from $1.1 million as of Dec. 31, 2024. However, the company has since bolstered its liquidity position, raising $1.4 million through warrant exercises in February and an additional $3.3 million via a public offering in May. These capital raises are expected to support commercialization efforts and ongoing clinical development. bioAffinity did not provide forward-looking financial guidance. However, qualitative commentary suggested a continued strategic pivot toward diagnostics and ongoing expansion of CyPath Lung's market presence. In addition to financial and operational updates, bioAffinity reported progress in strengthening its intellectual property portfolio. During the quarter, the company received acceptance of a patent application from the Australian Patent Office for CyPath Lung. This development enhances the test's international commercialization potential and broadens BIAF's global IP footprint. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report bioAffinity Technologies, Inc. (BIAF): Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Korea Herald
18-04-2025
- Entertainment
- Korea Herald
Director Joung Yu-mi's 'Glasses' invited to Cannes Film Festival
Animated film marks only Korean film invited to Cannes so far Director Joung Yu-mi's short animated film 'Glasses' has been invited to compete in the short film category at the 78th Cannes Film Festival, making it the only South Korean work selected for this year's prestigious event so far. 'Glasses' will be showcased in the Critics' Week short film competition, a parallel section of the Cannes Film Festival dedicated to highlighting emerging voices in global cinema. The 15-minute animation follows Yu-jin, who, after breaking her glasses, visits an optician. During her eye exam, she envisions a house in a field and finds herself transported inside. There, she encounters three shadow versions of herself, reconciles with them, and emerges with a new outlook on life -- symbolized by a new pair of glasses. The film is entirely without dialogue. 'Each of us has an inner child, like a little kid living inside our hearts. This inner child stays with us like a shadow, but we often fail to recognize its presence. We go through life having forgotten about this child, only to encounter it again in the darker corners of our lives," she said, via a statement released by Bucheon International Animation Festival on Friday. BIAF supported the production of the animation film. "The inner child represents the protagonist's unconsciousness — a space in the heart where repressed emotions, wounds and complexes gather, visualized as a shadow," she said, adding, "The story aims to portray a journey in which, after encountering three shadows one by one inside the home, the protagonist steps outside, receives a new pair of glasses, and begins to face and reconcile with her own shadows." 'Glasses' stands as the first Korean project invited to this year's Cannes Film Festival. Notably, no Korean films were selected for either the main competition or noncompetitive sections this year -- marking the first absence of Korean films in 26 years. This year, several Korean entries were submitted to the film festival, including 'The Ugly' by "Train to Busan" director Yeon Sang-ho, 'The Journey to Gyeongju' by Kim Mi-jo, and 'Omniscient Reader' by Kim Byung-woo. Oscar-winning auteur Park Chan-wook's anticipated new film 'No Other Choice' was reportedly not submitted due to incomplete postproduction. The Cannes Film Festival will be held in Cannes, France, May 13-24.
