SAN ANTONIO–(BUSINESS WIRE)–bioAffinity Technologies, Inc. (NASDAQ: BIAF; BIAFW) announced today that the US Patent and Trademark Office (USPTO) has granted a Notice of Allowance for a patent application entitled “Porphyrin compounds and compositions useful for the treatment of cancer” for the targeted delivery of new cancer drugs. A Notice of Allowance is issued after the USPTO decides that a patent should be granted for the invention in question. The US patent will be issued to the Company’s wholly-owned subsidiary OncoSelect and will provide protection until 2037.
“In 2022, just over 1.9 million new cases of cancer are expected to be diagnosed in the United States,” said Maria Zannes, president and chief executive officer of bioAffinity Technologies. “Not surprisingly, the cost of cancer is incredible. National cancer care expenditures in the United States in 2018 were $150.8 billion. The greater cost is borne by patients who undergo therapies that often lead to toxic treatment-related side effects. New treatments with more specific targeted agents such as porphyrins are needed to improve survival and quality of life for survivors. bioAffinity Technologies is committed to bringing these treatments to market.”
Research related to the non-invasive lung cancer diagnostics company CyPath® The lung has led to discoveries that have been developed to treat cancer, including the use of porphyrins conjugated to oncology drugs for more targeted delivery with fewer unwanted treatment-related side effects. Porphyrins, such as the synthetic molecule TCPP used in CyPath® Lungs primarily enter cancer cells and can lead to a higher uptake of porphyrin-related chemotherapeutics with less impact on healthy cells.
“The selectivity of porphyrins that preferentially bind to cancer cells makes them excellent candidates for drug delivery and diagnostic products,” said Dr. William Bauta, senior vice president of therapeutics at bioAffinity Technologies. “Selective delivery of cancer-killing drugs with little harm to healthy cells helps patients tolerate therapy, leading to more effective, life-saving treatment.”
bioAffinity Technologies is advancing its therapeutic assets with the intention of licensing its products for clinical development. Its subsidiary OncoSelect holds patents for Porphyrin compounds and compositions useful for the treatment of cancer in Australia, China and Mexico and pending applications in Canada, European Patent Office, Hong Kong, India and Japan.
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. (NASDAQ: BIAF; BIAFW) addresses the need for non-invasive early stage cancer and lung disease diagnosis and targeted cancer treatment. The company’s first product, CyPath® The lung is a non-invasive examination that has shown high sensitivity and specificity for detecting the early stage of lung cancer. CyPath® Lungs are sold as a Laboratory Developed Test (LDT) by Precision Pathology Services. OncoSelect Therapeutics, LLC, a subsidiary of bioAffinity Technologies, advances its disclosed discoveries in vitro to kill cancer cells without damaging normal cells. Research and optimization of the company’s platform technologies are conducted in laboratories at the University of Texas at San Antonio.
This press release contains forward-looking statements, including statements regarding the anticipated use of proceeds from the Company’s common stock offering. Forward-looking statements can be identified by words such as “believes,” “expects,” “estimates,” “intends,” “may,” “plans,” “will” and similar expressions or negatives of those words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions of future facts and conditions. Readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to update any forward-looking statement with respect to the matters discussed in this press release, except as required by applicable securities laws.