Noninvasive CyPath® Lung test for lung cancer contributes to growing revenues
SAN ANTONIO, TX (Dec. 12, 2024) – bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology company focused on the need for noninvasive tests for the detection of early-stage cancer, today reported that the successful execution of its pilot marketing program and steady growth in sales of the CyPath® Lung test for early detection of lung cancers have set the stage for expansion and record revenues in 2025.
The Company’s wholly owned subsidiary Precision Pathology Laboratory Services (PPLS) is on track to report upwards of $9.4 million in 2024 revenues, more than 20% growth in annualized revenues over 2023 after accounting for the acquisition of PPLS in September 2023. The increase in revenues reflects a 1,750% increase in sales of CyPath® Lung through Nov. 30, compared to the same period last year.
“The seamless integration of Precision Pathology into bioAffinity Technologies since the acquisition is going to result in a record revenue year for the laboratory, due in part to the broader market adoption of CyPath® Lung,” bioAffinity President and CEO Maria Zannes said. “We count many successes in 2024, including obtaining reimbursement for CyPath® Lung, expanding our sales team, obtaining access to the federal healthcare system, and streamlining operations. We have the capability and the experience to expand operations exponentially to meet the growing demand for CyPath® Lung as we move to the national stage in 2025.”
CyPath® Lung revenues are expected to continue growing in 2025 with expanded sales into strategic national markets and inclusion in the U.S. Federal Supply Schedule. This key procurement system provides streamlined access to state-of-the-art healthcare solutions for the Veterans Health Administration (VHA) and the Military Health System. CyPath® Lung fills an important need for a noninvasive test to improve the early detection of lung cancer in patients at high risk. CyPath® Lung can be used alone or in combination with other diagnostic tools, positioning it as a cornerstone of next-generation lung cancer care.
About CyPath® Lung
CyPath® Lung uses proprietary 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, meso-tetra (4-carboxyphenyl) 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 lung cancer can improve outcomes and increase patient survival. For more information, visit www.cypathlung.com.
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. (Nasdaq: BIAF) 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. 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 expansion and record revenues in 2025, the expected 2024 revenues from PPLS, growing demand for CyPath® Lung as the Company moves to the national stage in 2025, and CyPath® Lung revenues being expected to continue growing in 2025 with expanded sales into strategic national markets and inclusion in the U.S. Federal Supply Schedule. 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 ability of the Company to increase sales through the U.S. Federal Supply Schedule and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, 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.
Contacts
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
