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Lung cancer diagnostics developer bioAffinity Technologies files for a $15 million IPO

April 25, 2022

bioAffinity Technologies, which is developing a noninvasive test for early detection of lung cancer, filed on Monday with the SEC to raise up to $15 million in an initial public offering.

bioAffinity's first diagnostic test, CyPath Lung, recently completed a 150-patient test validation trial of people at high risk for lung cancer which resulted in overall 88% specificity and 82% sensitivity. The company expects to do a controlled launch in the state of Texas in the 2Q22 followed by regional expansion, and ultimately, a staged nationwide expansion of sales and marketing in the 3Q23. bioAffinity also plans to develop CyPath to detect other forms of cancer and lung diseases. The company has not yet generated revenues, but does anticipate generating revenues in 2022.

The San Antonio, TX-based company was founded in 2014 and plans to list on the Nasdaq under the symbol BIAF. WallachBeth Capital is the sole bookrunner on the deal. No pricing terms were disclosed.