bioAffinity Technologies Reports Accelerating Sales Growth of CyPath® Lung
March 05 2024 - 8:00AM
Business Wire
Increasing physician interest, newly
approved reimbursement code driving growth
bioAffinity Technologies, Inc. (Nasdaq: BIAF;
BIAFW), a biotechnology company focused on the need for
noninvasive tests for the detection of early-stage cancer and lung
disease, today reported accelerating growth of 375% in CyPath® Lung
tests ordered and processed over the past three months as compared
to the previous three months. CyPath® Lung is a noninvasive test to
detect early-stage lung cancer.
bioAffinity Technologies is on target to meet its sales forecast
for the previously announced limited test market launch in Texas
designed to refine future positioning and strategic insight for
CyPath® Lung in preparation for expanding to the national
market.
“The introduction of our reimbursement code, completion of our
branding, and expansion of our sales force have markedly
contributed to the growing physician interest and adoption of our
innovative, noninvasive CyPath® Lung test. Increasing physician
satisfaction and adoption have also been driven by the successful
integration and efficient operation of our commercial laboratory,
Precision Pathology Laboratory,” bioAffinity Technologies’
President and CEO Maria Zannes said. “Importantly, our sales growth
has been in line with our expectations and bolsters our confidence
in our ability to capitalize on the lung cancer diagnostics market
projected to reach $4.7 billion by 2030.”
Pulmonologists and other lung health specialists understand the
critically important role of screening and early diagnosis in
improving outcomes for those diagnosed with lung cancer and
providing peace of mind for individuals at elevated risk of
developing the disease. bioAffinity Technologies' commitment to
noninvasive cancer detection is poised to reshape the landscape of
lung health management by increasing early detection and
treatment.
bioAffinity Technologies will release financial results for the
fourth quarter and full year ended December 31, 2023, on April 1,
2024.
About CyPath® Lung
CyPath® Lung uses advanced flow cytometry and artificial
intelligence (AI) to identify cell populations in patient sputum
that indicate malignancy. Automated data analysis helps determine
if cancer is present or if the patient is cancer-free. CyPath® Lung
incorporates a fluorescent porphyrin, TCPP, that is preferentially
taken up by cancer and cancer-related cells. Clinical study results
demonstrated that CyPath® Lung had 92% sensitivity, 87% specificity
and 88% accuracy in detecting lung cancer in patients at high risk
for the disease who had small lung nodules less than 20
millimeters. Diagnosing and treating early-stage cancer can improve
outcomes and increase patient survival.
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. addresses the need for
noninvasive diagnosis of early-stage cancer and diseases of the
lung and broad-spectrum cancer treatments. The Company’s first
product, CyPath® Lung, is a noninvasive test that has shown high
sensitivity, specificity and accuracy for the detection of
early-stage lung cancer. CyPath® Lung is marketed as a Laboratory
Developed Test (LDT) by Precision Pathology Laboratory Services, a
subsidiary of bioAffinity Technologies. Research and optimization
of the Company’s platform technologies are conducted in its
laboratories at Precision Pathology and The University of Texas at
San Antonio. For more information, visit www.bioaffinitytech.com
and follow us on LinkedIn, Facebook and X.
Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. These forward-looking
statements are based upon current estimates and assumptions and
include statements regarding the Company being on target to meet
its sales forecast for the previously announced limited test market
launch in Texas, the Company’s ability to capitalize on the lung
cancer diagnostics market projected to reach $4.7 billion by 2030
and the Company’s commitment to noninvasive cancer detection being
poised to reshape the landscape of lung health management by
increasing early detection and treatment. These forward-looking
statements are subject to various risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, among others, the
Company’s ability to continue to meet its forecast and capitalize
on the lung cancer diagnostics market, and the other factors
discussed in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2022, and its subsequent filings with the SEC,
including subsequent periodic reports on Forms 10-Q and 8-K. Such
forward-looking statements are based on facts and conditions as
they exist at the time such statements are made and predictions as
to future facts and conditions. While the Company believes these
forward-looking statements are reasonable, readers of this press
release are cautioned not to place undue reliance on any
forward-looking statements. The information in this release is
provided only as of the date of this release, and the Company does
not undertake any obligation to update any forward-looking
statement relating to matters discussed in this press release,
except as may be required by applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20240305481183/en/
bioAffinity Technologies Julie Anne Overton Director of
Communications jao@bioaffinitytech.com
Investor Relations Dave Gentry RedChip Companies Inc.
1-800-RED-CHIP (733-2447) or 407-491-4498 BIAF@redchip.com
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