DECEMBER 8, 2017
As published in the San Antonio Business Journal
By W. Scott Bailey
In an effort to shore up plans to commercialize its initial product, bioAffinity Technologies is adding more scientific and financial firepower to its arsenal.
The San Antonio-based biotech is expanding its leadership team. It’s also preparing to launch new clinical trials in support of its lead CyPath Lung technology and moving closer to a major fundraising round needed to support its commercialization efforts.
Maria Zannes, president and CEO of the privately held cancer diagnostics and therapeutics company, said leaders are advancing plans to take bioAffinity’s CyPath Lung noninvasive lung cancer diagnostic test to market in 2018. Several steps are required to make that happen, including the roll out of clinical trials program to support the effectiveness of the technology.
“Clinical trials will begin this month,” Zannes said. “We have opened and continue to open the sites for sample collection across the country.”
As part of the push to commercialization, bioAffinity is bringing on more expertise. The company is adding Stephen Squinto and Gary Ruben to its board of directors.
Squinto is a venture partner with OrbiMed Healthcare Fund Managment. He previously co-founded Alexion Pharmaceuticals Inc., a biopharmaceutical company focused on the development and commercialization of therapies for patients with rare diseases. As executive vice president and chief global operations officer to Alexion, Squinto helped build a company now valued at $25 billion.
Rubin has been involved for more than 20 years in the investment management industry, working in the hedge funds, private equity and investment banking arenas. He is currently a managing member of Masters Research Partners, LLC, which he co-founded in October 2000.
“They add to the scientific and technical expertise, financial acumen, business savvy and strategic vision of bioAffinity Technologies,” Zannes said. “We believe they will play a very important role in our success.”
Meanwhile, bioAffinity expects to file applications for new patents early next year to support the development of its therapeutics research.
All of this is going to require more financial support. Zannes said bioAffinity is moving closer to launching a new funding round that could raise millions more to support its multi-platform business model.