SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF; BIAFW), a biotechnology company engaged in developing noninvasive tests for early-stage lung cancer and other lung diseases, announced the appointment of Dr. William Bauta as Chief Science Officer. Dr. Bauta, who has been with the company since 2016, steps into the role following the retirement of Dr. Vivienne Rebel on October 31, 2024.
Dr. Bauta, previously serving as the Senior Vice President of Research and Development, has a background that includes positions at Genzyme Corporation and Ilex Products, Inc., where he was instrumental in the discovery, development, and FDA approval of various therapeutics. At bioAffinity, Dr. Bauta has been credited with numerous inventions and patents, notably contributing to the optimization of CyPath® Lung, the company's flagship noninvasive test for early-stage lung cancer detection.
The CyPath® Lung test utilizes advanced flow cytometry and artificial intelligence to analyze patient sputum for cell populations indicative of malignancy. It boasts a high sensitivity and specificity rate, demonstrating 92% sensitivity, 87% specificity, and 88% accuracy in detecting lung cancer in high-risk patients with small lung nodules under clinical study conditions.
Maria Zannes, President and CEO of bioAffinity, commended Dr. Bauta's scientific rigor and business insight as the company focuses on the commercial rollout of CyPath® Lung and the expansion of its development pipeline. Zannes also acknowledged Dr. Rebel's contributions to the company, wishing her well in retirement.
The company's portfolio, including CyPath® Lung, addresses the critical need for noninvasive diagnostic tools for early-stage diseases, potentially improving patient outcomes and survival rates. bioAffinity markets CyPath® Lung as a Laboratory Developed Test through its subsidiary Precision Pathology Laboratory Services.
This announcement is based on a press release statement from bioAffinity Technologies, Inc. It is important to note that forward-looking statements within the press release are not guarantees of future performance and are subject to risks and uncertainties. The company's actual results may differ materially from those projected in such statements.
In other recent news, bioAffinity Technologies has secured a Japanese patent for its CyPath® Lung test, a significant stride in its global strategy. The company also appointed J. Michael Edwards as its Chief Financial Officer, a move that brings over thirty years of financial management and business strategy experience to the company. In a separate development, bioAffinity Technologies received approval from its shareholders for the issuance of up to 1,801,944 shares of common stock upon the exercise of warrants.
The company has also reported an 85% rise in its full-year sales projection for the CyPath® Lung test, following a 217% growth in second-quarter sales. This increase is largely due to the expansion of its customer base among pulmonology practices, particularly in Texas. Jennifer Rebeles, Vice President of Diagnostics at bioAffinity Technologies, has contributed to a panel of global experts in publishing a peer-reviewed paper on flow cytometry testing.
These are recent developments at bioAffinity Technologies, a company that continues to make significant strides in its operations and strategy. The company's focus remains on expanding its diagnostic and therapeutic research to address early-stage cancer and other lung diseases.
InvestingPro Insights
As bioAffinity Technologies (NASDAQ:BIAF) appoints Dr. William Bauta as Chief Science Officer, investors might be interested in some key financial metrics and insights from InvestingPro.
According to InvestingPro data, bioAffinity Technologies has shown impressive revenue growth, with a staggering 30,186% increase in the last twelve months as of Q2 2024. This aligns with the company's focus on commercializing its CyPath® Lung test and expanding its development pipeline, as mentioned in the article.
However, it's important to note that despite this growth, the company is not yet profitable. An InvestingPro Tip indicates that analysts do not anticipate the company will be profitable this year. This is reflected in the company's operating income margin of -118.51% for the last twelve months as of Q2 2024.
Another InvestingPro Tip suggests that the stock price movements are quite volatile. This volatility is evident in the company's recent performance, with a -24.73% price return over the past month.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for bioAffinity Technologies, providing a deeper understanding of the company's financial health and market position.
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