HomeInvesting NewsBioAffinity's $8 million IPO for their lung cancer test

BioAffinity’s $8 million IPO for their lung cancer test

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The stock is anticipated to trade on Nasdaq under the ticker BIAF.

bioAffinity (NASDAQ:BIAF)

bioAffinity (NASDAQ:BIAF), a company that develops diagnostic tests stated today that the price of its 1,282,600 unit initial public offering of securities was $6.125. Before subtracting underwriting discounts, commissions, and other expected offering expenses, the total gross proceeds from the offering are predicted to be $7,855,925. On Thursday, shares are expected to trade for the first time.

According to bioAffinity, 1.3 million units were available for $6.125 each. One share, one tradeable warrant to purchase another share at $7.35, and one non-tradeable warrant to purchase another share at $7.656 make up each unit.

A 45-day option to purchase up to 192,000 more shares and/or warrants was given to the underwriters. Lead book runners include WallachBeth Capital and Craft Capital Management. On Thursday, shares are anticipated to start trading on Nasdaq under the ticker BIAF.

According to bioAffinity, it intends to use the deal’s earnings for marketing its CyPath Lung test for the early diagnosis of lung cancer.

The company’s original plan to raise about $10 million through the IPO, which was made in May, was slightly scaled back.

Check out SA contributor Donovan Jones’ article “bioAffinity Technologies Readies $10M IPO” for a more thorough analysis of the company.

-bioAffinity Technologies, Inc. is a firm that specializes in cancer diagnostics and is investigating targeted cancer therapeutics. The company creates noninvasive, early-stage diagnostics to find cancer and lung disorders.

Use of IPO Proceeds from BIAF

BIAF plans to use the net proceeds for working capital as well as general corporate objectives, which may include developing products and conducting product tests, handling general or administrative issues, and making capital purchases. 

Additionally, a portion of the net proceeds may be invested in or used by the company to buy complementary technologies, services, or businesses.

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