BioAffinity Technologies Stock Surges 60% As It Receives $7.7 Mln From Exercise Of Warrants

Shares of bioAffinity Technologies, Inc. (BIAF) are surging over 60% on Wednesday morning after the company received additional $7.7 million from exercise of warrants.

BIAF is currently trading at $3.4050, up $1.2850 or 60.6132%, on the Nasdaq, on a volume of 40.3 million shares, above average volume of 5.8 million. The stock opened its trading at $3.60 after closing Tuesday's trading at $2.12. The stock has traded between $2.0210 and $15.5500 in the past 52-week period.

bioAffinity Technologies announced receipt of about $7.7 million in additional proceeds from the exercise of tradeable and non-tradable warrants issued in the company's September 6, 2022, public offering of securities.

The company intends to use the proceeds to expand existing operations and the commercialization of CyPath Lung, a noninvasive test for the early detection of lung cancer.

Proceeds may also be used in the company's pursuit of regulatory approvals and research and development of additional diagnostics, cancer therapeutics, and for working capital and general corporate purposes.

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