BioAffinity Applied sciences (BIAF) has set phrases for a proposed $10M preliminary public providing geared toward elevating funds to assist commercialize its non-invasive diagnostic product for the early detection of lung most cancers.
The diagnostics developer stated that it plans to offer 1.5M units at an assumed price of $6.75 per unit, a quantity that would doubtless change. Every unit would consist of 1 share plus one warrant to purchase one share at $8.10, or 120% of the general public value.
Underwriters can be granted a 45-day choice to purchase as much as 225K extra shares and/or warrants on the public value to cowl any overallotments. WallachBeth Capital is serving as lead bookrunner.
BioAffinity plans to record its shares on Nasdaq beneath the image BIAF. The corporate additionally plans to conduct a 1-for-7 reverse inventory break up forward of the itemizing.
The corporate estimates the deal will generate internet proceeds of $8.3M or $9.7M if the underwriters’ choice is exercised in full and models are priced at $6.75 per share.
BioAffinity’s lead product, CyPath Lung, is a diagnostic for the early detection of lung most cancers. The corporate plans to market the product first as a diagnostic whereas it seeks FDA medical system authorization. Along with CyPath Lung, the corporate is growing extra oncology and lung diagnostics and researching attainable focused most cancers therapies.
The biotech group remains to be working within the pink. For 2021, it reported a internet lack of $6.3M and no income.
For a extra in-depth take a look at BioAffinity, take a look at SA contributor Donovan Jones’s “BioAffinity Technologies Readies $10M IPO”.