BioAffinity Technologies Inc (NASDAQ:BIAF) shares are trading higher by 80.18% to $3.82 during Wednesday's trading session after the company announced it received an additional $7.7 million from the exercise of warrants.

What Else?

BioAffinity Technologies says the company intends to use the proceeds from the offering to expand existing operations and the commercialization of CyPathLung, a noninvasive test for the early detection of lung cancer which uses flow cytometry to count and characterize cells in a person's sputum, or phlegm.

Proceeds may also be used in the company's pursuit of regulatory approvals and research and development of additional diagnostics, cancer therapeutics, and for working capital and general corporate purposes.

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According to data from Benzinga Pro, BioAffinity Technologies has a 52-week high of $15.55 and a 52-week low of $2.02.