Full Press Release Details
bioAffinity Technologies Announces Notice to Award
U.S. Patent Protecting Novel Compounds for Specific Delivery of Cancer Treatments
SAN ANTONIO, TX - Jan 4, 2023 - bioAffinity Technologies, Inc.
(NASDAQ: BIAF; BIAFW) announced today that the U.S. Patent and Trademark Office (USPTO) has provided a Notice of Allowance for a patent
application titled "Porphyrin Compounds and Compositions Useful for Treating Cancer" for the targeted delivery of novel
cancer treatments. A Notice of Allowance is issued after the USPTO makes a determination that a patent should be granted for the claimed
invention. The U.S. patent will issue to the Company's wholly owned subsidiary OncoSelect and grant protection to 2037.
"A little more than 1.9 million new cancer cases are expected to
have been diagnosed in the United States in 2022," said Maria Zannes, President and Chief Executive Officer of bioAffinity Technologies.
"Not surprisingly, the cost of cancer is staggering. National expenditures for cancer care in the United States in 2018 were $150.8
billion. The larger cost is borne by patients who undergo therapies that often lead to toxic treatment-associated side effects. New treatments
delivered by more specific targeting agents like porphyrins are needed to improve survival and a survivor's quality of life. bioAffinity
Technologies is committed to bringing these treatments to market."
Research related to the Company's non-invasive lung cancer diagnostic
CyPath Lung led to the discoveries being developed to treat cancer including using porphyrins conjugated with oncological
drugs for more targeted delivery with fewer unwanted treatment-associated side effects. Porphyrins, such as the synthetic molecule TCPP
used in CyPath Lung, preferentially enter cancer cells and may lead to greater uptake of chemotherapeutics attached to
the porphyrin with less impact on healthy cells.
"The selectivity of porphyrins that preferentially bind with cancer
cells makes them excellent candidates for drug delivery and diagnostic products," said Dr. William Bauta, bioAffinity Technologies'
Senior Vice President of Therapeutics. "Selective delivery of drugs that kill cancer with little harm to healthy cells helps patients
tolerate therapy, leading to more effective treatment that saves lives."
bioAffinity Technologies is advancing its therapeutic assets with the intent
to license its products for clinical development. Its subsidiary OncoSelect holds patents to Porphyrin Compounds and Compositions Useful
for Treating Cancer in Australia, China and Mexico and pending applications in Canada, the European Patent Office, Hong Kong, India
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. (NASDAQ: BIAF; BIAFW) addresses the need
for noninvasive diagnosis of early-stage cancer and diseases of the lung, and targeted cancer treatment. The Company's first product,
CyPath Lung, is a non-invasive test that has shown high sensitivity and specificity for the detection of early-stage lung
cancer. CyPath Lung is marketed as a Laboratory Developed Test (LDT) by Precision Pathology Services. OncoSelect Therapeutics,
LLC, a subsidiary of bioAffinity Technologies, is advancing its discoveries shown in vitro to kill cancer cells without harm to
normal cells. Research and optimization of the Company's platform technologies are conducted in its laboratories at The University
of Texas at San Antonio.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the anticipated use of proceeds from the Company's offering of common shares. Forward-looking statements
can be identified by words such as "believes," "expects," "estimates," "intends," "may,"
"plans," "will" and similar expressions, or the negative of these words. 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. Readers
of this press release are cautioned not to place undue reliance on any forward-looking statements. 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
Maria Zannes, President & Chief Executive Officer
Investor Relations Contact:
Tiberend Strategic Advisors, Inc.