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San Antonio biotech surpasses funding goal, raising millions for cancer efforts
July 24, 2017

BioAffinity President and CEO Maria Zannes CARLOS JAVIER SANCHEZ | SABJ

W. Scott Bailey
Reporter/Project Coordinator
San Antonio Business Journal

BioAffinity Technologies, a privately held company working to advance early-stage cancer diagnosis, has hit another major milestone.

The San Antonio-based biotech company has closed on its Series A funding round, raising more than $4 million. That's positioned bioAffinity for a run at more critical financial backing.

The way bioAffinity closed out its Series A round could send a message to other companies who may have concerns about the opportunity to raise capital in San Antonio. BioAffinity President and CEO Maria Zannes said the company exceeded its fundraising goal by more than $1 million.

BioAffinity is currently working to commercialize a non-invasive, early-stage lung cancer test called CyPath Lung that detects the disease at a point where it can still be treated successfully. The company plans to expand the CyPath platform to include the diagnosis of multiple cancers, including prostate and cervical.

Meanwhile, bioAffinity?s drug development division, OncoSelect Therapeutics, is focusing on the commercialization of targeted therapies to treat various cancers.

Zannes said the Series A investments will propel those efforts and also allow for the development of additional cancer tests and novel therapeutics that can more effectively treat the disease.

"BioAffinity Technologies is moving forward at a fast pace to commercialize CyPath Lung in 2018," Zannes told me. "Series A funding supports our work to bring this breakthrough test to market."

Zannes said bioAffinity is also making headway on other fronts, testing therapeutic compounds to specifically treat cancer.

"The Series A funding advances both our cancer diagnostic platform and the therapeutic research and development," she said.

BioAffinity plans to launch a Series B funding round later this year. The goal for that round is much higher at $15 million.

Zannes said bioAffinity has enlisted the help of Dallas-based Riverbend Solutions Group to help with the Series B raise.

"They are an exceptional group of professionals who are highly committed to the company and its mission," she said. "We?re very pleased to have them on the team."

W. Scott Bailey covers health care, tourism, sports business, economic development; he also plans and edits some special reports.

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