Shares of bioAffinity Technologies, Inc. (NASDAQ: BIAF) experienced a notable surge in the preceding trading session, escalating by 26.58% to reach a closing price of $3.00. This increase in bioAffinity Technologies’ stock value was propelled by news of accelerated product development.
bioAffinity Technologies (BIAF) disclosed a remarkable 375% growth in the number of CyPath Lung tests ordered and processed over the past three months compared to the preceding quarter. CyPath Lung stands as a noninvasive diagnostic tool designed to identify early-stage lung cancer.
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bioAffinity Technologies remains on track to fulfill its sales projections for the previously announced limited test market launch in Texas. This initiative aims to refine the positioning and strategic outlook for CyPath Lung in anticipation of its nationwide expansion.
The implementation of a reimbursement code, finalization of branding efforts, and expansion of the sales team have significantly contributed to the heightened interest and adoption of BIAF’s innovative CyPath Lung test among physicians.
The successful integration and efficient operation of Precision Pathology Laboratory, the company’s commercial laboratory, have also played a pivotal role in driving sales growth, aligning with expectations and instilling confidence in its capacity to capture a share of the burgeoning lung cancer diagnostics market, forecasted to reach $4.7 billion by 2030.
Acknowledging the pivotal role of early screening and diagnosis in enhancing outcomes for lung cancer patients and offering reassurance to individuals at heightened risk, pulmonologists and other specialists recognize the importance of bioAffinity Technologies’ noninvasive cancer detection commitment.
This dedication is poised to revolutionize lung health management by facilitating early detection and treatment. CyPath Lung has recently been incorporated into the patient-centered practice of Lung Innovations Network, serving over 10,000 patients in central and western Pennsylvania.
Emphasizing affordable, innovative, and personalized care, the network’s multidisciplinary team integrates new technologies and research into an evidence-based approach to lung health management.
Furthermore, bioAffinity Technologies announced its intention to unveil financial results for the fourth quarter and full year ending December 31, 2023, on April 1, 2024.
