BioAffinity Technologies on Wednesday announced the receipt of approximately $7.7 million in gross proceeds from the exercise of tradable and nontradable warrants issued in a September public offering of securities.
Investors participating in BioAffinity Technologies’ financing exercised a total of 725,576 tradable warrants at $7.35 per share and 310,910 nontradable warrants at $7.656 per share.
BioAffinity's earlier underwritten initial public offering of 1,282,600 securities units grossed approximately $7.9 million. From these two public offerings, BioAffinity is now in receipt of approximately $15.6 million in gross proceeds as of September 28, 2022.
The company intends to use these proceeds for the commercialization of CyPath Lung, BioAffinity’s noninvasive flow cytometry test for the early detection of lung cancer, as well as for the expansion of operations, the pursuit of regulatory approvals, research, and the development of other diagnostics and therapeutics.