bioAffinity Technologies, Inc. (NASDAQ:BIAF) (NASDAQ:BIAFW) releases approximately $7.7 million in additional gross funds from the exercise of tradable and non-tradable warrants granted in the Company’s securities public offering on September 6, 2022.

Investors in bioAffinity Technologies’ financing exercised a total of 725,576 tradable warrants at a price of $7.35 per share and 310,910 non-tradable warrants at a price of $7.656 per share. Combined with the Company’s underwritten public offering of 1,282,600 units, each consisting of one share of common stock, one tradable warrant, and one non-tradable warrant, in which the Company announced gross proceeds of approximately $7.9 million, the Company has received an aggregate of approximately $15.6 million as of September 28, 2022.

The proceeds from the sale will be used to expand existing operations and commercialize CyPath® Lung, a noninvasive test for the early identification of lung cancer that use flow cytometry to count and describe cells in a person’s sputum, or phlegm. The automatic analysis of the flow cytometry data by the test finds cell populations that suggest the presence of malignancy. CyPath® Lung has the potential to improve overall diagnostic accuracy in lung cancer detection, resulting in longer survival while minimizing the amount of needless invasive procedures, patient concern, and medical expenditures.

Proceeds may also be used for regulatory clearances, research and development of further diagnostics and cancer therapies, as well as operating capital and other business reasons.

bioAffinity Technologies, Inc. (NASDAQ:BIAF) reported the gain of +37.74% and closed at $2.92 with the total traded volume of 50.95 million shares. Its price to sales ratio ended at 7847.78 and its price to cash per share was 51.25. Its market capitalization is $10.25 million. The stock owned by the Financial Institutions was 0.02% while by insiders was 53.32%.