BioAffinity Technologies announces $1.8M registered direct offering

bioAffinity Technologies (BIAF) announced that it has entered into definitive agreements for the purchase and sale of 720,000 shares of common stock at a purchase price of $2.50 per share in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about October 9, subject to the satisfaction of customary closing conditions. The gross proceeds to the company from the offering are expected to be approximately $1.8M before deducting placement agent fees and other offering expenses payable by the company. The company intends to use the net proceeds from the offering for working capital, to support expected growing sales for CyPath Lung, its noninvasive test for lung cancer, and general corporate purposes. WallachBeth Capital is acting as sole placement agent for the offering.