FOR IMMEDIATE RELEASE
AnPac Bio Completed 1st Half Year with Increased ASP and Revenue
San Jose, CA, July 13, 2020 – AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (NASDAQ: ANPC), a biotechnology company with operations in China and the United States focused on early cancer screening and detection, pre-announced certain results from the quarter ending 6/30/20. The Company performed 6,500 paid tests in June 2020, which was almost 50% higher than the average monthly paid tests in 2019. Based on unaudited numbers for the first half of the year in 2020 through 6/30/20, revenue was slightly higher than in the same period in 2019, while average selling price (ASP) increased over 2019. AnPac Bio plans to file the 1st half year results on August 28, 2020.
Highlights during the period of the 1st half of 2020:
- Company successfully listed on the NASDAQ stock exchange on January 30, 2020
- Volume of paid CDA tests picked up significantly starting in late May through the end of June, with June alone recording about 6,500 paid tests, which is about 50% higher than the monthly average in 2019
- ASP has increased due to higher pricing for new contracts and more favorable distributor mix
- Two new products launched, including a novel immunology test product named ADME (AnPac Defense Medical Examination) and a new cancer test package named APCS (AnPac Pan Cancer Screening) combining CDA technology with ct-DNA method
- San Jose, US lab received CAP certification
- Philadelphia, US lab completed renovation and 1st phase equipment move-in
- More patents issued, reaching 128 issued patents in total at the end of June, 2020
- More hospitals entered into collaborations with the Company in clinical studies, including a study with a leading hospital around coronavirus risks
- Continue to work on obtaining class III medical device certification in China and laboratory developed test (LDT) in the US
AnPac Bio’s CEO, Dr. Chris Yu, commented, “With COVID-19 under control in China, our business has picked up significantly in the second half of May through June. Given businesses returning to normal and a new increased awareness about the importance of health and relevant tests for disease prevention, our paid tests have increased. In addition, our increased ASP for CDA tests, and our new products beginning to contribute to revenues, we expect a strong second half of the year in 2020, and an overall strong growth in revenue for the full year in 2020.”
Dr. Chris Yu continued, “With our successful IPO on the NASDAQ earlier this year, we are now focusing on three areas, mainly new product development, product commercialization, and sales, with an emphasis on execution. Our results in May and June of this year I believe demonstrate the traction that we are achieving and we are showing real progress in our growth.”
About AnPac Bio
AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 128 issued patents as of June 22, 2020. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory in the United States, AnPac Bio performs a suite of cancer screening and detection tests, including CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics tests. In a 2019 market research report by Frost & Sullivan, AnPac Bio ranked second worldwide among companies offering next-generation early cancer screening and detection technologies in terms of the number of clinical samples for cancer screening and detection, based on approximately 35,000 clinical samples as at June 30, 2019. AnPac Bio’s CDA technology platform has been shown in retrospective validation studies to be able to detect the risk of over 20 different cancer types with high sensitivity and specificity.
For more information, please visit: https://www.Anpacbio.com.
For investor and media inquiries, please contact:
Phil Case, Marketing and Investor Relations
Phone: +1-267-810-6776 (US)
Email: [email protected]
Ascent Investor Relations LLC
Tina Xiao, President
Phone: +1-917-609-0333 (US)
Email: [email protected]
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company’s future financial and operating performance. The Company has attempted to identify forward-looking statements by terminologies including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “target,” “aim,” “predict,” “outlook,” “seek,” “goal” “objective,” “assume,” “contemplate,” “continue,” “positioned,” “forecast,” “likely,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statement. Known and unknown risks, uncertainties and other factors include, but are not limited to, the implementation of our business model and growth strategies; trends and competition in the cancer screening and detection market; our expectations regarding demand for and market acceptance of our cancer screening and detection tests and our ability to expand our customer base; our ability to obtain and maintain intellectual property protections for our CDA technology and our continued research and development to keep pace with technology developments; our ability to obtain and maintain regulatory approvals from the NMPA, the FDA and the relevant U.S. states and have our laboratories certified or accredited by authorities including the CLIA; our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; general economic and business conditions in China and elsewhere; our ability to hire and maintain key personnel; our relationship with our major business partners and customers; and the duration of the coronavirus outbreaks and their potential adverse impact on the economic conditions and financial markets and our business and financial performance, such as resulting from reduced commercial activities due to quarantines and travel restrictions instituted by China, the U.S. and many other countries around the world to contain the spread of the virus. Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.