bioAffinity Technologies Announces Notice to Award U.S. Patent Protecting Novel Compounds for Specific Delivery of Cancer Treatments
05 January 2023 - 12:00AM
Business Wire
bioAffinity Technologies, Inc. (NASDAQ: BIAF; BIAFW) announced
today that the U.S. Patent and Trademark Office (USPTO) has
provided a Notice of Allowance for a patent application titled
“Porphyrin Compounds and Compositions Useful for Treating Cancer”
for the targeted delivery of novel cancer treatments. A Notice of
Allowance is issued after the USPTO makes a determination that a
patent should be granted for the claimed invention. The U.S. patent
will issue to the Company’s wholly owned subsidiary OncoSelect and
grant protection to 2037.
“A little more than 1.9 million new cancer cases are expected to
have been diagnosed in the United States in 2022,” said Maria
Zannes, President and Chief Executive Officer of bioAffinity
Technologies. “Not surprisingly, the cost of cancer is staggering.
National expenditures for cancer care in the United States in 2018
were $150.8 billion. The larger cost is borne by patients who
undergo therapies that often lead to toxic treatment-associated
side effects. New treatments delivered by more specific targeting
agents like porphyrins are needed to improve survival and a
survivor’s quality of life. bioAffinity Technologies is committed
to bringing these treatments to market.”
Research related to the Company’s non-invasive lung cancer
diagnostic CyPath® Lung led to the discoveries being developed to
treat cancer, including using porphyrins conjugated with
oncological drugs for more targeted delivery with fewer unwanted
treatment-associated side effects. Porphyrins, such as the
synthetic molecule TCPP used in CyPath® Lung, preferentially enter
cancer cells and may lead to greater uptake of chemotherapeutics
attached to the porphyrin with less impact on healthy cells.
“The selectivity of porphyrins that preferentially bind with
cancer cells makes them excellent candidates for drug delivery and
diagnostic products,” said Dr. William Bauta, bioAffinity
Technologies’ Senior Vice President of Therapeutics. “Selective
delivery of drugs that kill cancer with little harm to healthy
cells helps patients tolerate therapy, leading to more effective
treatment that saves lives.”
bioAffinity Technologies is advancing its therapeutic assets
with the intent to license its products for clinical development.
Its subsidiary OncoSelect holds patents to Porphyrin Compounds and
Compositions Useful for Treating Cancer in Australia, China and
Mexico and pending applications in Canada, the European Patent
Office, Hong Kong, India and Japan.
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. (NASDAQ: BIAF; BIAFW) addresses
the need for noninvasive diagnosis of early-stage cancer and
diseases of the lung, and targeted cancer treatment. The Company’s
first product, 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 (LDT) by Precision Pathology Services. OncoSelect
Therapeutics, LLC, a subsidiary of bioAffinity Technologies, is
advancing its discoveries shown in vitro to kill cancer cells
without harm to normal cells. Research and optimization of the
Company’s platform technologies are conducted in its laboratories
at The University of Texas at San Antonio.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the anticipated use of proceeds from
the Company’s offering of common shares. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230104005332/en/
Company Contact: Maria Zannes, President & Chief
Executive Officer mz@bioaffinitytech.com
Investor Relations Contact: Tiberend Strategic Advisors,
Inc. Jonathan Nugent jnugent@tiberend.com or David Irish
dirish@tiberend.com
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