SAN ANTONIO, TX – bioAffinity Technologies, Inc. (NASDAQ:BIAF), a commercial physical and biological research services company, announced today that its shareholders have approved the issuance of shares upon the exercise of warrants. This decision came during the 2024 Special Meeting of Stockholders held on October 2, 2024.
The company, which is based in San Antonio, Texas, confirmed that the stockholders voted in favor of two proposals.
The first proposal was to approve the issuance of up to 1,801,944 shares of common stock upon the exercise of warrants issued to institutional investors and designees of the placement agent in connection with the company's registered direct offering and concurrent private placement offering as well as the company's warrant inducement transaction. The votes for this proposal totaled 7,181,952 in favor, 224,865 against, and 146,838 abstentions.
The second proposal, which was to approve the adjournment of the 2024 Special Meeting to a later date if necessary, received 7,093,892 votes in favor, 225,886 against, and 233,277 abstentions. However, the adjournment was not required as the first proposal had already passed.
The voting results reflect the decisions of shareholders as of the record date, August 30, 2024, when there were 13,490,273 shares of the company’s common stock issued and outstanding.
The information presented in this article is based on a press release statement from bioAffinity Technologies, Inc. and provides a summary of the key outcomes of the 2024 Special Meeting of Stockholders.
In other recent news, bioAffinity Technologies has seen a considerable increase in its sales forecast for the CyPath® Lung test, with an 85% rise in its full-year sales projection following a 217% growth in second-quarter sales. This surge is largely due to the expansion of the company's customer base among pulmonology practices, particularly in Texas.
The company's CEO, Maria Zannes, indicates that the physicians currently using CyPath® Lung in Texas account for 10% of the state's critical care pulmonology market.
Recently, bioAffinity has adjusted its 2024 sales forecast to exceed 880 CyPath® Lung tests, with its subsidiary, Precision Pathology Laboratory Services, expected to generate revenue between $9.2 and $9.6 million. In addition, the company has seen a 21% increase in April sales of its CyPath Lung diagnostic test, expanding its reach beyond Texas to states like New Jersey, Pennsylvania, Michigan, and North Carolina.
In the realm of personnel, the company has strengthened its sales team with the hiring of Jackie Kennedy as the Pulmonary Sales Executive for the San Antonio/Austin region and Jessica Alarcon as a Patient Coach. In a parallel development, bioAffinity has appointed David Elzi, Ph.D., as Vice President of Product Development to expedite the advancement of new diagnostic tests.
These are among the recent developments at bioAffinity Technologies, which continues to focus on the early detection of serious lung health issues. The company plans to prepare for a broader market launch of CyPath® Lung in the fourth quarter of 2024, further solidifying its position in the lung cancer diagnostics market.
InvestingPro Insights
bioAffinity Technologies' recent shareholder approval for warrant exercises comes amid a period of significant financial volatility for the company. According to InvestingPro data, BIAF has experienced a strong return of 37.88% over the last month, despite a 12.5% drop in the past week. This volatility aligns with an InvestingPro Tip indicating that the stock's price movements are quite volatile.
The company's financial health presents a mixed picture. While BIAF's revenue growth is impressive at 30,185.99% for the last twelve months as of Q2 2024, an InvestingPro Tip suggests that the company is quickly burning through cash. This could explain the recent move to approve the issuance of shares upon warrant exercise, potentially to raise additional capital.
Investors should note that BIAF is currently trading at a high Price / Book multiple of 7.15, which may indicate market optimism about the company's future prospects. However, another InvestingPro Tip cautions that analysts do not anticipate the company will be profitable this year, underscoring the speculative nature of the investment.
For those interested in a deeper analysis, InvestingPro offers additional tips and insights that could be valuable for understanding BIAF's financial position and market performance.
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