SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF; BIAFW), a company specializing in noninvasive early-stage lung cancer diagnostics, announced today the acceptance of its patent application by the Australian Patent Office. The patent, which supports the CyPath® Lung diagnostic test, is set to expand the company's intellectual property portfolio and enhance its market reach. With a current market capitalization of $10.5 million and trading at $0.68 per share, the micro-cap company shows promising revenue growth potential, according to InvestingPro forecasts.
The patent, entitled "Detection of Early-Stage Lung Cancer in Sputum Using Automated Flow Cytometry and Machine Learning," will join bioAffinity's collection of 17 awarded patents and 38 pending applications once issued. The Australian patent is anticipated to be granted automatically in three months, barring any successful opposition filings. This patent will be the second awarded specifically for the CyPath® Lung test and is expected to remain in force until 2042. While the company's intellectual property portfolio expands, InvestingPro analysis indicates the stock is currently trading near its 52-week low, with significant volatility in recent months. Subscribers can access 12 additional ProTips and comprehensive financial metrics to better understand the company's position.
Maria Zannes, President and CEO of bioAffinity Technologies, emphasized the global significance of the CyPath® Lung test, which utilizes advanced flow cytometry and artificial intelligence to analyze sputum samples for early-stage lung cancer detection. Zannes highlighted the importance of early detection in improving patient outcomes and survival rates, as lung cancer remains the leading cause of cancer-related deaths worldwide.
Clinical studies have shown the CyPath® Lung test to have 92% sensitivity, 87% specificity, and 88% accuracy in detecting lung cancer in high-risk patients with small lung nodules. The noninvasive nature of the test, marketed as a Laboratory Developed Test (LDT) by Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies, positions it as a potentially critical tool in the fight against lung cancer.
The press release also contained forward-looking statements regarding the significance of the Australian patent to the company's portfolio. However, it noted the possibility of opposition to the patent and other factors that could affect future results. Readers are advised that such statements are based on current expectations and could change due to various risks and uncertainties. According to InvestingPro's Fair Value analysis, the stock appears undervalued at current levels, though investors should note the company's Fair financial health score of 1.96 out of 5 and its current unprofitable status.
This news is based on a press release statement from bioAffinity Technologies, Inc. and does not constitute an endorsement of the company or its products.
In other recent news, bioAffinity Technologies has seen several noteworthy developments. The company announced a salary increase for its CEO, Maria Zannes, to $300,000, reflecting the value and contribution of its leadership. bioAffinity Technologies also reported an 85% increase in its full-year sales projection for the CyPath® Lung test, following a 217% growth in second-quarter sales.
The company's shareholders approved the issuance of up to 2,724,230 shares of common stock upon the exercise of warrants, aligning with Nasdaq Listing Rules. In addition, bioAffinity Technologies has appointed Dr. William Bauta as Chief Science Officer and J. Michael Edwards as Chief Financial Officer.
The firm secured a Japanese patent for the CyPath® Lung test, marking a significant step in its global expansion strategy. Furthermore, the company reported an EBITDA of -$7.62 million in the last twelve months, according to InvestingPro data.
InvestingPro analysts forecast a 278% growth for the current year, despite current profitability challenges. The company maintains a moderate debt level with a debt-to-equity ratio of 0.55. These are the recent developments at bioAffinity Technologies.
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