NEW YORK, Dec. 19, 2022 /PRNewswire/ -- Argus Research, an independent investment research firm, has launched Equity Research Report coverage on bioAffinity Technologies, Inc. (NasdaqCM: BIAF)

COMPANY HIGHLIGHTS: Excerpts (as conveyed by Argus Analyst Steve Silver) include:

BIAF:  A Potential Advance in the Early Detection of Cancer

• In our view, bioAffinity is well positioned to establish its CyPath® Lung test as a cost-effective, non-invasive tool to aid in the early detection of lung cancer, which is among the most common and deadly forms of cancer. Early diagnosis, before the cancer has spread, is a significant contributor to survival. Research suggests that Stage 1 lung cancer that is detected and treated early can increase the ten-year survival rate to over 90% from a five-year survival rate of approximately 20% for Stages 2-4.
• CyPath® Lung utilizes flow cytometry and proprietary machine learning algorithms to profile the approximately 20 million cells in an average sputum sample in less than 20 minutes. This approach has helped overcome the limitations of traditional analytical throughput, and test validation trial results achieved superior results of 92% sensitivity and 87% specificity in high-risk patients who had lung nodules 20 mm or smaller. 
• bioAffinity, in partnership with Precision Pathology Services under the latter's CLIA-certified laboratory, is in the nascent stages of a regional launch plan and is expected to roll out more broadly through 2023. bioAffinity plans to conduct a pivotal trial on CyPath® Lung in order to gain FDA approval, which would enable direct marketing to a larger addressable market, which we believe could occur by early 2027.
• Over the longer term, we see potential for bioAffinity to develop and market non-invasive tests for additional lung diseases as well as other cancers, and to develop therapeutics for cancer, which would represent additional potential value drivers.
• bioAffinity raised gross proceeds of $15.6 million from a September 2022 initial public offering (IPO) that included the issuance of share/warrant units, as well as from the exercise of some legacy warrants. As such, we view the company as sufficiently capitalized into 2024, which we view favorably amid the currently challenging and volatile financing conditions for small-cap companies.  
• Based on our E/V-to-revenue valuation analysis, we arrive at a fair value estimate for BIAF of $9.00 per share, well above its current level.

INVESTMENT THESIS: Click Here to view full Argus Equity Research Report and Investment Thesis.

About bioAffinity Technologies, Inc. (NasdaqCM: BIAF) www.bioaffinitytech.com

Based in San Antonio, Texas, bioAffinity Technologies, Inc. engages in developing non-invasive diagnostic tests and targeted cancer therapeutics. The company's initial product, CyPath® Lung, is a diagnostic test utilizing flow cytometry to aid in the early detection of lung cancer. The test is at the nascent stages of a commercial roll-out. The company is also in pre-clinical development on researching targeted therapies to treat cancer at the cellular level. The company was founded in 2014.

For more information please contact:

Company Contact:
Maria Zannes, President & Chief Executive Officer
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Investor Relations Contact:
Tiberend Strategic Advisors, Inc.
Jonathan Nugent
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David Irish
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Headquartered in NYC, Argus Research (www.argusresearch.com) is a leading independent equity research firm (est. 1934)  ̶  providing fundamental and quantitative research coverage on more than 1,600 companies across all 11 sectors of the S&P 500, as well as macroeconomic and equity market forecasts, thematic research, model portfolios and IPO research. In addition, Argus has recently committed to providing a sponsored research solution for small & mid-cap companies seeking coverage. Argus's Equity Research & earnings estimates are available on major research / earnings estimate aggregator platforms, including Bloomberg, Thomson Reuters, Factset and S&P Global.

For more Information please contact:

Darrell Stone
646-747-5438
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Argus Research Co. has received a flat fee from the company discussed in this report as part of a Sponsored Research agreement between Argus and the company. No part of Argus Research's compensation is directly or indirectly related to the content of this assessment or to other opinions expressed in this report. Please refer to the full Argus report and the disclaimer for complete disclosures.