Full Press Release Details
Technologies Reports Accelerating Sales Growth of CyPath Lung
physician interest, newly approved reimbursement code driving growth
ANTONIO (March 5, 2024) - 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.
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.
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."
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.
Technologies will release financial results for the fourth quarter and full year ended December 31, 2023, on April 1, 2024.
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.
bioAffinity Technologies, Inc.
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
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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