Recent trading session has witnessed a notable increase in the price of BioAffinity Technologies, Inc. (NASDAQ: BIAF), which has carried over into pre-market activity. Pre-hour trading saw the stock rise 6.40% to $2.16 after closing at $2.03 in the previous session with a significant 32.68% gain. In spite of the lack of instant news, the corporation executed a significant equity move at the same time as this spike.
Recently, institutional investors and bioAffinity Technologies (BIAF) completed a securities purchase agreement. Under this arrangement, 1,600,000 shares of common stock were to be bought and sold in a registered direct offering, in addition to common warrants that may be used to buy an additional 1,600,000 shares of common stock in a simultaneous private placement.
The common warrants had an exercise price of $1.64 per share, and the combined purchase price was fixed at $1.5625 per common share. After receiving shareholder approval, these warrants will become exercisable and will expire after five years. This offering is anticipated to generate gross revenues of around $2.5 million, before underwriter fees and other costs are subtracted. The net revenues will be used by BIAF for general company operations including working capital.
Furthermore, BIAF reported a remarkable growth of 375% in CyPath Lung tests ordered and processed over the past three months compared to the preceding period. CyPath Lung is a noninvasive test designed to detect early-stage lung cancer. The company remains on track to fulfill its sales forecast for the limited test market launch in Texas, which aims to refine positioning and strategic insights for CyPath Lung ahead of national market expansion.
The recent introduction of a reimbursement code, completion of branding efforts, and expansion of the sales force have significantly boosted physician interest and adoption of BIAF's innovative CyPath Lung test. Successful integration and operation of the commercial laboratory, Precision Pathology Laboratory, have also contributed to increased physician satisfaction and adoption rates.
Encouragingly, the company's sales growth aligns with expectations, bolstering confidence in its ability to capitalize on the lung cancer diagnostics market, which is projected to reach $4.7 billion by 2030.