JERSEY
CITY, N.J., Sept. 1,
2022 /PRNewswire/ -- WallachBeth Capital LLC, a
leading provider of capital markets and institutional execution
services, announced today that bio-Affinity Technologies, Inc.
(NASDAQ: BIAF) (NASDAQ: BIAFW), a cancer diagnostics company that
develops noninvasive, early-stage diagnostics to detect cancer and
diseases of the lung, and is researching targeted therapies to
treat cancer, priced its initial public offering of 1,282,600 units
of securities at $6.125 per unit.
Total gross proceeds from the offering is estimated to be
$7,855,925 before deducting
underwriting discounts and commissions and other estimated offering
expenses.
Each unit, which has no stand-alone rights and will not be
certificated or issued as a stand-alone security, consists of one
share of common stock, one tradeable warrant to purchase one share
of common stock at an exercise price of $7.35 per share, and one non-tradeable warrant to
purchase one share of common stock at an exercise price of
$7.656 per share. Each warrant is
immediately exercisable and will expire five years from the date of
issuance. The shares of common stock and the tradable warrants may
be transferred separately immediately upon issuance. In addition,
bioAffinity has granted the underwriters a 45-day option to
purchase up to 192,390 shares of common stock, and/or 192,390
tradeable warrants, and/or 192,390 non-tradeable warrants, or any
combination of additional shares of common stock and warrants
representing, in the aggregate, up to 15% of the number of the
units sold in this offering to cover over-allotments in this
offering.
The shares and the tradeable warrants will begin trading on
September 1, 2022, on the NASDAQ
Capital Market under the ticker symbols "BIAF" and "BIAFW,"
respectively. The Company intends to use the net proceeds for the
commercialization of its diagnostic called CyPath® Lung, a
non-invasive test for the early detection of lung cancer that has
completed a clinical trial showing 92% sensitivity and 87%
specificity in detecting lung cancer in individuals at high risk
who have lung nodules less than 2 centimeters. Proceeds also
will be used for development of tests, additional clinical trials,
regulatory filings, and for working capital and general corporate
purposes.
WallachBeth Capital, LLC and Craft Capital Management, LLC are
co-managers and co-book running managers for the offering.
bioAffinity's registration statement relating to these
securities was declared effective as of August 29, 2022, by the U.S. Securities and
Exchange Commission. The offering is being made only by means of a
prospectus. Copies of the final prospectus may be obtained on the
SEC's website, http://www.sec.gov and by contacting WallachBeth
Capital, LLC, Attention: Capital Markets, 185 Hudson Street,
Jersey City, NJ 07311, by
telephone at 646-998-7608, or by email at
cap-mkts@wallachbeth.com.
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. is a Delaware corporation addressing the need for
noninvasive diagnosis of early-stage cancer and diseases of the
lung, and targeted cancer treatment. The Company develops
proprietary noninvasive diagnostic tests and cancer therapeutics
using technology that preferentially targets cancer cells and cell
populations indicative of a diseased state. The Company's first
product called CyPath® Lung is a non-invasive test that has shown
high sensitivity and specificity for the detection of early-stage
lung cancer. CyPath® Lung is marketed as a Laboratory
Developed Test by Precision Pathology Services. Research and
optimization of the Company's platform technologies are conducted
in its laboratories at The University of Texas
at San Antonio.
About WallachBeth Capital LLC
WallachBeth Capital offers a robust range of capital markets and
investment banking services to the healthcare community, connecting
corporate clients with leading institutions, creating value for
both issuers and investors. The firm's experience includes initial
public offerings, follow-on issues, PIPE offerings, and private
transactions. WallachBeth Capital is a leading provider of
institutional execution services, offering clients a full spectrum
of solutions to help them navigate increasingly complex markets.
The firm's website is located at www.wallachbeth.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the anticipated use of proceeds from
the Company's offering of its units. Forward-looking statements can
be identified by words such as "believes," "expects," "estimates,"
"intends," "may," "plans," "will" and similar expressions, or the
negative of these words. Such forward-looking statements are based
on facts and conditions as they exist at the time such statements
are made and predictions as to future facts and conditions. Readers
of this press release are cautioned not to place undue reliance on
any forward-looking statements. The Company does not undertake any
obligation to update any forward-looking statement relating to
matters discussed in this press release, except as may be required
by applicable securities laws.
SOURCE WallachBeth Capital LLC