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BioAffinity Technologies Prices $2.5M Direct Offering, Concurrent Private Placement

NEW YORK – BioAffinity Technologies announced Wednesday that it has priced a registered direct offering for the purchase and sale of 1,600,000 shares of common stock and common warrants to purchase up to 1,600,000 shares of common stock in a concurrent private placement at a combined purchase price of $1.5625 per common share.

The common warrants issued pursuant to the concurrent private placement will have an exercise price of $1.64 per share, are initially exercisable on the date that shareholder approval of the exercise of the warrants is obtained, and will expire five years from the date of approval, the company said in a statement. The offering, which is for institutional investors, is expected to close on March 8 and is expected to raise gross proceeds of approximately $2.5 million. 

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

The San Antonio-based firm makes the CyPath Lung noninvasive test to detect early-stage lung cancer.