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BioAffinity Technologies Nabs $15.6M from Public Offering

NEW YORK —BioAffinity Technologies said Wednesday that the company had nabbed $15.6 million in gross proceeds from its public offering of its securities earlier this month.

The company originally offered 1,282,600 units, each consisting of one share of common stock, one tradeable warrant, and one non-tradeable warrant for gross proceeds of about $7.9 million. On Wednesday, the San Antonio-based cancer diagnostics firm said that it received an additional $7.7 million for the exercise by investors of a total of 725,576 tradeable warrants at $7.35 per share, and 310,910 non-tradeable warrants at $7.656 per share.

The firm said it plans to use the proceeds to expand operations and commercialize its CyPath Lung sputum-based flow cytometry assay for early detection of lung cancer. Proceeds may also go toward regulatory approvals, R&D of diagnostic tests, cancer therapeutics, and working capital and general corporate purposes.