AnPac Bio and New Investor Group Sign Equity Investment Totaling $3.67 Million

AnPac Bio and New Investor Group Sign Equity Investment Totaling $3.67 Million

Philadelphia, PA, September 26, 2022 – AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, announced that on September 26, 2022, the Company and a group of nine institutional and individual investors (the “Investors”) have signed legally binding agreements for the investment in the Company by the Investors of approximately $3.67 Million.

Under the terms of the various Shares Purchase Agreements, the Investors will invest in a private offering, in the aggregate, $3.67 Million to purchase 36.7 million of the Company’s Class A shares. It is expected that the investment will be completed in late September 2022.

Dr. Chris Yu, Co-Chairman of the board and Co-CEO of the Company, commented: “This equity investment is important to the Company’s operations as well as research and development including its Class III medical device clinical trial. We believe the investments signal continued confidence in the long term and fundamental prospects of our Company and its technology. We are entering into the critical Class III medical device clinical trial at three well-known hospitals. The successful completion of this clinical trial and obtaining a Class III medical device license is very important to our efforts to commercialize our cancer detection technology and Company valuation. We believe we have a very strong innovation track record in addition to the world’s largest multi-cancer detection sample size (in the new generation cancer detection technology space) according to a 2021 report by US marketing and research firm Frost & Sullivan.”

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021). 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 investor and media inquiries, please contact:

Company:

Phil Case, Marketing and Investor Relations

Phone: +1-267-810-6776 (US)

Email: [email protected]

 

Investor Relations:

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, our ability to comply with Nasdaq Listing Rules, 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.

 

AnPac Bio Appeals NASDAQ Delisting Notice; Hearing Granted and Scheduled for October 20, 2022

AnPac Bio Appeals NASDAQ Delisting Notice; Hearing Granted and Scheduled for October 20, 2022

Philadelphia, PA, September 19, 2022 – AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, announced that on September 16, 2022, the Company filed a request for a hearing before the NASDAQ Hearings Panel to present its financial data including Shareholders’ Equity and plan with the applicable listing requirements.  This request was due to a Staff determination letter (the “Letter”) on Septembe­r 9, 2022 from the Listing Qualifications Department of The Nasdaq Stock Market  LLC (“Nasdaq”) notifying the Company of the Staff’s determination to delist the Company’s securities from The Nasdaq Capital Market due to the Company’s failure to regain compliance with the $1 per share bid price requirement of Listed Securities required for continued listing as set forth in Listing Rule 5450(a)(1) (the “$1 Bid Rule”), following the 180 calendar day compliance period set forth in Listing Rule 5810(c)(3)(A) (the “Compliance Period”). On September 16, 2022, Company received a letter from Nasdaq granting the appeal and scheduling the Nasdaq Hearings Panel for October 20, 2022.  In the meantime, the Company will continue to be listed and its shares will continue to be traded on Nasdaq, pending a final written decision by the Nasdaq Hearings Panel after the October 20, 2022 hearing.

On September 9, 2022, the Company received a Staff determination letter (the “Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market  LLC (“Nasdaq”) notifying the Company of the Staff’s determination to delist the Company’s securities from The Nasdaq Capital Market due to its failure to regain compliance with the $1 Bid Rule within the 180 calendar day Compliance Period.  Earlier, on March 8, 2022, Nasdaq staff notified the Company that the bid price of its listed security had closed at less than $1 per share over the previous 30 consecutive business days, and, as a result, did not comply with the $1 Bid Rule.  In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until September 5, 2022, to regain compliance with the $1 Bid Rule.  Since then, the Company has not regained compliance with the $1 Bid Rule, and Nasdaq staff believes that the Company is not eligible for a second 180 day Compliance Period because Nasdaq staff believes that the Company has not demonstrated compliance with the minimum $5,000,000 Shareholders’ Equity initial listing requirement for The Nasdaq Capital Market.  Nasdaq had written to the Company earlier that if Company has a Shareholders’ Equity above $5,000,000, it may obtain another 180 day period.

At the October 20, 2022 hearing, the Company intends to present its financial data including Shareholders’ Equity and its plan (including share reverse split) to regain compliance with $1 Bid Rule to seek a second 180 day period. There can be no assurance that the Panel will grant the Company’s request for a suspension of delisting or continued listing, even if the Company’s financial data evidences sufficient Shareholders’ Equity.

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021). 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 investor and media inquiries, please contact: 

Company:

Phil Case, Marketing and Investor Relations

Phone: +1-267-810-6776 (US)

Email: [email protected]

 

Investor Relations:

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, our ability to comply with Nasdaq Listing Rules, 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.

 

AnPac Bio-Medical Sciences Announces Receipt of Staff Delisting Determination from Nasdaq; Intends to Appeal

AnPac Bio-Medical Sciences Announces Receipt of Staff Delisting Determination from Nasdaq;

Intends to Appeal

Philadelphia, PA, September 12, 2022 – AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, announced that on September 9, 2022, it received a Staff determination letter (the “Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market  LLC (“Nasdaq”) notifying the Company of the Staff’s determination to delist the Company’s securities from The Nasdaq Capital Market due to the Company’s failure to regain compliance with the $1 per share bid price requirement of Listed Securities required for continued listing as set forth in Listing Rule 5450(a)(1) (the “$1 Bid Rule”). The Letter states that, unless the Company requests an appeal of the Letter, trading of the Company’s American Depositary Shares will be suspended at the opening of business on September 20, 2022, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”) to remove the Company’s securities from listing and registration on the Nasdaq Stock Market. The Company has the option to appeal the delisting determination and intends to do so.

On March 8, 2022, Nasdaq staff notified the Company that the bid price of its listed security had closed at less than $1 per share over the previous 30 consecutive business days, and, as a result, did not comply with $1 Bid Rule.  In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until September 5, 2022, to regain compliance with the $1 Bid Rule.  Since then, the Company has not regained compliance with the Rule, and Nasdaq staff has notified the Company that it is ineligible for a second 180 day period because the Company has not demonstrated compliance with the minimum $5,000,000 Shareholders’ Equity initial listing requirement for The Nasdaq Capital Market, which initial listing requirement applies to the Company due to its transfer from The Nasdaq Global Market to The Nasdaq Capital Market, effective May 6, 2022.

The Company intends to appeal the Staff’s determination to a Hearings Panel (the “Panel”). Such a request will allow the Company’s American Depositary Shares to continue to be traded (listed) pending the Panel’s decision. At the hearing, the Company intends to present a plan to achieve compliance with Nasdaq listing requirements and request that the Panel allow the Company additional time to regain such compliance. There can be no assurance that the Panel will grant the Company’s request for a suspension of the delisting or continued listing.

 About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021). 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: 

Company:

Phil Case, Marketing and Investor Relations

Phone: +1-267-810-6776 (US)

Email: [email protected]

 

Investor Relations:

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, our ability to comply with Nasdaq Listing Rules, 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.

 

AnPac Bio Announces Appointment of New Directors and Co-Chief Executive Officer

AnPac Bio Announces Appointment of New Directors and Co-Chief Executive Officer

Philadelphia, PA, August 5, 2022 – AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, announced that effective August 2, 2022, the board of directors appointed Jiawen Kang as a member of the board of directors of the Company (the “Board”) and a member of the Audit Committee and Nominating Committee. On that date, the Company also appointed Yuyang Cui as (a) Co-Chairman of the Board and (b) Co-Chief Executive Officer of the Company.

As Co-CEO of the Company, Yuyang Cui will be primarily responsible for (i) searching and presenting potential business opportunities to the Company and the Board as well as (ii) the capital markets strategy and related activities for AnPac Bio. Chris Chang Yu has since been re-designated as the Co-Chief Executive Officer of the Company, with primary responsibilities for the general operations and all related businesses except for the duties that are outlined for Mr. Cui.

As previously reported, on July 14, 2022, written resolutions were passed by a majority of the votes of all shareholders entitled to vote at a general meeting authorizing, among others, (1) the removal of Aidong Chen and Sheng Liu as members of the Board; (2) the removal of Aidong Chen as Co-Chairman of the Board and Co-Chief Executive Officer of the Company; and (3) the re-designation of Chris Chang Yu as Chief Executive Officer of the Company and Chairman of the Board.

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021).  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: 

Company:

Phil Case, Marketing and Investor Relations

Phone: +1-267-810-6776 (US)

Email: [email protected]

 

Investor Relations:

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, our ability to comply with Nasdaq Listing Rules, 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.

 

AnPac Bio Approved Written Resolutions of a Majority of the Members Addressing the Removal of Directors and Officers, Re-designation of Officers, and Change of Members of the Committees

AnPac Bio Approved Written Resolutions of a Majority of the Members Addressing the Removal of Directors and Officers, Re-designation of Officers, and Change of Members of the Committees

Philadelphia, PA, July 18, 2022 – AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, announced that the Company’s Members approved Written Resolutions of a Majority of the Members (the “Resolutions”) on July 14, 2022 addressing the removal of directors and officers, re-designation of officers, and change of members of the committees. The Resolutions were approved by 69.29% of the total voting power of the Company entitled to vote at a general meeting in accordance with British Virgin Islands law, which allows Member’s resolutions to be approved by written resolutions signed by a majority of the votes of all Members entitled to vote on the resolution at a general meeting.

The proposals authorized (1) the removal of Aidong Chen and Sheng Liu as Directors, the removal of Aidong Chen as (a) Co-Chairman of the Board of Directors of the Company and (b) Co-Chief Executive Officer of the Company, effective immediately without compensation for loss of office; (2) the re-designation of Chris Chang Yu as (a) Chief Executive Officer of the Company and (b) Chairman of the Board, approved with immediate effect; (3) the removal of Sheng Liu as the chairman of the Nomination Committee of the Board and as a member of the Compensation Committee of the Board, effective immediately, and (4) the appointment of Chris Chang Yu as the chairman of the Nomination Committee of the Board and as a member of the Compensation Committee of the Board.

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021).  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: 

Company:

Phil Case, Marketing and Investor Relations

Phone: +1-267-810-6776 (US)

Email: [email protected]

 

Investor Relations:

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, our ability to comply with Nasdaq Listing Rules, 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.

 

AnPac Bio Regains Compliance with Requirements to Remain Listed on Nasdaq Capital Market

AnPac Bio Regains Compliance with Requirements to Remain Listed on Nasdaq Capital Market

Philadelphia, PA, June 10, 2022 – AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, announced that The Nasdaq Stock Market LLC (“Nasdaq”)  notified the Company on June 9, 2022 that Nasdaq has determined the Company has regained compliance with the requirements to remain listed in The Nasdaq Capital Market, as required by a hearing panel’s decision dated May 4, 2022, subject to a one-year Mandatory Panel Monitor of the Company’s ongoing compliance with such requirements.

On May 31, 2022, the Company filed a Form 6-K (the “Filing”) with the SEC, including unaudited financial statements, and referencing the receipt of proceeds from the sale of the Company’s ordinary shares to certain investors in May 2022. On an adjusted basis, the Company’s pro forma balance sheet reported stockholders’ equity of $7,442,000, as of May 31, 2022. In addition, the Company represented in the Filing that it complies with the minimum $2.5 million stockholders’ equity required for continued listing on The Nasdaq Capital Market as of the report date. Accordingly, the Company complied with the terms of the panel’s decision dated May 4, 2022.

Pursuant to Listing Rule 5815(d)(4)(B), the Company will be subject to a Mandatory Panel Monitor for a period of one year from June 9, 2022. If, within that one-year monitoring period, Listing Qualifications staff (“Staff”) finds the Company again out of compliance with the requirement that was the subject of the exception, notwithstanding Rule 5810(c)(2), the Company will not be permitted to provide the Staff with a plan of compliance with respect to that deficiency and Staff will not be permitted to grant additional time for the Company to regain compliance with respect to that deficiency, nor will the company be afforded an applicable cure or compliance period pursuant to Rule 5810(c)(3). Instead, Staff will issue a Staff Delist Determination and the Company will have an opportunity to request a new hearing with the initial Hearings Panel or a newly convened Hearings Panel if the initial Hearings Panel is unavailable. The Company will have the opportunity to respond/present to the Hearings Panel as provided by Listing Rule 5815(d)(4)(C). If the hearing is unsuccessful, the Company’s securities may be at that time delisted from Nasdaq.

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021).  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: 

Company:

Phil Case, Marketing and Investor Relations

Phone: +1-267-810-6776 (US)

Email: [email protected]

 

Investor Relations:

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, our ability to comply with Nasdaq Listing Rules, 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.

 

AnPac Bio Reports 49.1% Decrease in Net Loss in First Quarter of Fiscal 2022

PHILADELPHIA, May 31, 2022 (GLOBE NEWSWIRE) — 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, announced today its unaudited financial results for the first quarter ended March 31, 2022. The Company’s financial statements and related financial information for the quarter ended March 31, 2022 are unaudited and have not been reviewed by the Company’s independent registered accountant. These financial results could differ materially if they were reviewed by the Company’s independent registered accountant.

Financial highlights for the First Quarter 2022

Total revenue was approximately RMB2.0 million (US$309,000) for the first quarter of 2022, a decrease of 9.9% from approximately RMB2.2 million for the same period of 2021.

 

Gross profit margin was 55.4% for the first quarter of 2022, representing a decrease of 3.0% from 58.4% for the same period of 2021.

 

The average selling price (“ASP”) of CDA-based tests was RMB233 (US$36.8) for the first quarter of 2022, a decrease of RMB168.0, or 41.9% from RMB401.0 for the same period of 2021, primarily due to focusing on more conventional cancer detection tests at lower prices.

 

Net loss was approximately RMB14.9 million (US$2.4 million) for the first quarter of 2022, compared to a net loss of approximately RMB29.3 million for the same period of 2021, 49.1% decrease from the same period in 2021. The net loss for the first quarter of 2022 was mainly attributable to approximately RMB2.9 million (US$463,000) of selling and marketing expenses, approximately RMB2.4 million (US$380,000) of research and development expenses and approximately RMB10.3 million (US$1.6 million) of general and administrative expenses.

 

Non-GAAP net loss¹ was approximately RMB12.1 million (US$1.9 million) for the first quarter of 2022, reduced from a non-GAAP net loss of approximately RMB15.0 million for the same period of 2021. Non-GAAP net loss was reduced by 19.0% compared with the same period of 2021

 

Short-term debt was approximately RMB11.5 million (US$1.8 million) as of March 31, 2022, a decrease of 66.1% from approximately RMB33.8 million at the end of last fiscal year (December 31, 2021). The decrease in short-term debt was mainly due to the company issued an aggregate of 4,842,198 shares for the Registered Convertible Debentures in principal balance of approximately RMB17.8 million (US$2.8 million) by March 16, 2022.

 

(1) Non-GAAP net loss is defined as net loss excluding change in fair value of convertible debts and stock-based compensation. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Results” at the end of this press release.

 

Business Highlights for the First Quarter of 2022

The Company continued to receive validation on the efficacy of CDA testing through clinical study follow-ups. As of March 31, 2022, AnPac Bio had contacted 27,254 individuals tested using CDA packages in China and received substantive feedback regarding health conditions and disease development from 16,052 individuals.

 

As of March 31, 2022, the Company filed 260 patent applications globally, among which 155 patents had been granted, including 22 patents granted in the United States, 68 in greater China (including eight in Taiwan), and 65 in other countries and regions.

 

The Company continued to build a cancer risk assessment database, which totaled approximately 258,238 samples as of March 31, 2022, including approximately 214,085 samples from commercial CDA-based tests and approximately 44,153 samples from research studies.

 

On March 29, 2022, the Company signed an investment agreement with Shanghai Stonedrop Investment Management Center (Limited Partnership) (“Stonedrop”), a previous investor of the Group. Stonedrop agreed to invest RMB2 million (approximately $314,000) to the Group in exchange for 872,829 shares. The Group received RMB 1 million (approximately $157,000) and issued 872,829 shares to Stonedrop as the date of this filing.

 

The Company delivered an aggregate of 4,842,197 shares reserved for convertible debentures in principal balance of approximately RMB17.9 million (US$2.8 million) by March 16, 2022 at conversion prices ranging from US$0.34 to US$1.0 per share. The Company also issued 6,000,000 shares as reserve for potential convertible loans conversion in the first quarter of 2022.

 

Dr. Chris Yu, Co-CEO and Co-Chairman of AnPac Bio commented: “we are pleased with our overall performance in the first quarter of 2022. Our financial performance was improved in a number of important areas. We have significantly reduced our net loss by 49.1% and our short debt was reduced by 66.1% in Q1 2022, compared with the same period last year. In product development and commercialization area, following successfully passing Class III medical device tests at our National Medical Product Administration (NMPA) designated testing laboratory in December 2021, we have begun developing plans for our Class III medical device clinical trials and selecting suited hospitals for the trials. While we are still experiencing negative effects of COVID-19, we intend to work very hard to make progress in a number of critical areas, including fund raising, cost cutting, product commercialization, including Class III medical device certification, and market penetration.”

 

Key Items of Financial Results for the First Quarter of 2022

 

Revenues

Total revenues decreased by 9.9% to approximately RMB2.0 million (US$309,000) for the first quarter of 2022 from approximately RMB2.2 million for the first quarter of 2021, primarily due to a significant decrease in our revenue from cancer screening and detection tests.

Cost of Revenues

Cost of revenues decreased by 3.3% to approximately RMB878,000 (US$139,000) for the first quarter of 2022 from approximately RMB908,000 for the first quarter of 2021, primarily due to the decrease of approximately RMB 300,000 cost of revenue from cancer screening and detection tests, which was in line with the decrease in our revenue from sales of cancer screening and detection tests. Offset by the increased cost of revenues from technology services and retail products was approximately RMB270,000, no such cost incurred for the same period of 2021.

Gross Profit and Gross Margin

Gross margin was 55.4% for the first quarter of 2022, representing a slight decrease from 58.4% for the first quarter of 2021, primarily due to lower selling prices we charged for CDA-based tests.

Selling and Marketing Expenses

Selling and marketing expenses decreased by 24.1% to approximately RMB2.9 million (US$463,000) for the first quarter of 2022 from approximately RMB3.9 million for the same period of 2021, primarily due to less marketing activity.

Research and Development Expenses

Research and development expenses decreased by 28.3% to approximately RMB2.4 million (US$380,000) for the first quarter of 2022 from approximately RMB3.4 million for the first quarter of 2021, primarily due to less research and development activities for the first quarter of 2022 compared to the same period of 2021.

General and Administrative Expenses

General and administrative expenses decreased by 46.5% to approximately RMB10.3 million (US$1.6 million) for the first quarter of 2022 from approximately RMB19.2 million for the same period of 2021, primarily due to the decreased share-based compensation.

Change in fair value of convertible debt

The Company recognized the convertible debt at fair value. For the first quarter of 2022 and 2021, the Company recognized an aggregated unrealized loss of approximately RMB85,000 (US$13,000) and approximately RMB3.2 million, respectively, due to changes in fair value of convertible debt.

Net Loss

Net loss decreased to approximately RMB14.9 million (US$2.4 million) for the first quarter of 2022, compared to approximately RMB29.2 million for the first quarter of 2021. Basic and diluted loss per share was RMB0.85 (US$0.13) for the first quarter of 2022, compared to that of RMB2.43 for the first quarter of 2021.

The Company adopted ASU 2016-02, Leases (Topic 842) on January 1, 2022. The guidance requires the lessee to record operating leases on the balance sheet with a right-of-use asset and corresponding liability for future payment obligations. The Company recognized right of use assets and lease liabilities of approximately $1.30 million and $1.32 million as of March 31, 2022.

Balance Sheet

As of March 31, 2022, the Company had cash and cash equivalents of approximately RMB462,000 (US$73,000), compared to approximately RMB9.3 million as of December 31, 2021.

 

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021).  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:

Company:

Phil Case, Marketing and Investor Relations
Phone: +1-267-810-6776 (US)
Email: [email protected]

 

Investor Relations:

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.

 

 

 

 

ANPAC BIO-MEDICAL SCIENCE CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)

 

    December 31, 2021     March 31, 2022     March 31, 2022  
    RMB     RMB     US$  
ASSETS             (Unaudited)       (Unaudited)  
Current assets:                        
Cash and cash equivalents     9,251       462       73  
Advances to suppliers     4,704       7,030       1,109  
Accounts receivable, net     5,554       3,730       588  
Amounts due from related parties, net     200       843       133  
Inventories, net     490       424       67  
Other current assets, net     3,350       4,489       708  
Total current assets     23,549       16,978       2,678  
                         
Property and equipment, net     20,264       19,656       3,101  
Land use rights, net     1,138       1,132       179  
Intangible assets, net     8,857       8,434       1,330  
Goodwill     12,758       12,758       2,013  
Right of use assets           8,269       1,304  
Long-term investments     923       742       117  
TOTAL ASSETS.     67,489       67,969       10,722  
                         
LIABILITIES AND SHAREHOLDERS’ DEFICIT                        
Current liabilities:                        
Short-term debts     33,759       11,452       1,807  
Accounts payable     2,732       3,717       586  
Advance from customers     4,174       4,168       657  
Amounts due to related parties     2,471       1,907       301  
Lease liability-current           975       154  
Accrued expenses and other current liabilities     19,770       21,469       3,387  
Total current liabilities     62,906       43,688       6,892  
                         
Deferred tax liabilities     2,158       2,068       326  
Lease liability-non-current           7,379       1,164  
Other long-term liabilities     1,107       1,100       174  
TOTAL LIABILITIES.     66,171       54,235       8,556  
Commitments and contingencies                        
                         
Shareholders’ deficit:                        
Class A Ordinary shares (US$0.01 par value per share; 70,000,000 shares authorized, 16,604,402 and 23,769,917 shares issued and outstanding as of December 31, 2021 and March 31, 2022, respectively)     1,096       1,551       245  
Class B Ordinary shares (US$0.01 par value per share; 30,000,000 authorized, 2,773,100 and 2,773,100 shares issued and outstanding as of December 31, 2021 and March 31, 2022)     185       185       29  
Additional paid-in capital     465,334       491,819       77,583  
Accumulated deficit     (475,646 )     (490,285 )     (77,341)  
Accumulated other comprehensive income     4,532       4,908       774  
                         
Total AnPac Bio-Medical Science Co., Ltd. shareholders’ equity (deficit)     (4,499)       8,178       1,290  
Non-controlling interests     5,817       5,556       876  
                         
Total shareholders’ equity     1,318       13,734       2,166  
                         
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY     67,489           67,969       10,722  

 

 

 

 

 

 

ANPAC BIO-MEDICAL SCIENCE CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)

 

    Three Months Ended March 31,  
    2021     2022     2022  
    RMB     RMB     US$  
Revenues:                  
Cancer screening and detection tests     2,182       1,137       178  
Physical checkup packages     3       5       1  
Technology service           620       98  
Retail revenue           206       32  
Total revenues     2,185       1,968       309  
                         
Cost of revenues     (908 )     (878 )     (139 )
                         
Gross Profit     1,277       1,090       170  
                         
Operating expenses:                        
Selling and marketing expenses     (3,863 )     (2,932 )     (463 )
Research and development expenses     (3,356 )     (2,407 )     (380 )
General and administrative expenses     (19,226 )     (10,287 )     (1,623 )
                         
Loss from operations     (25,168 )     (14,536 )     (2,296 )
                         
Non-operating income and expenses:                        
Interest expense, net     (624 )     (93)       (15)  
Foreign exchange gain (loss), net     (139 )     2        
Share of net loss in equity method investments     (77 )     (181)       (29)  
Other income (expense), net     (45 )     (97)       (15)  
Change in fair value of convertible debt     (3,215 )     (85)       (13)  
                         
Loss before income taxes     (29,268 )     (14,990)       (2,368)  
Income tax benefit     22       90       14  
                         
Net loss     (29,246 )     (14,900)       (2,354)  
                         
Net loss attributable to non-controlling interests     (217 )     (261)       (41)  
                         
Net loss attributable to ordinary shareholders     (29,029 )     (14,639)       (2,313)  
                         
Loss per share:                        
Class A and B Ordinary shares – basic and diluted     (2.43 )     (0.85)       (0.13)  
                         
Weighted average shares outstanding used in calculating basic and diluted loss per share                        
Ordinary shares – basic and diluted     11,958,033       17,301,503       17,301,503  
                         
Other comprehensive income, net of tax:                        
Foreign currency translation differences     (1,604)       376       59  
                         
Total comprehensive loss     (30,850 )     (14,524 )     (2,295)  
Total comprehensive loss attributable to non-controlling interests     (217 )     (261 )     (41 )
                         
Total comprehensive loss attributable to ordinary shareholders     (30,633 )     (14,263 )     (2,254 )

 

Use of Non-GAAP Financial Measures

 

Non-GAAP net loss is calculated as net income adjusted for change in fair value of convertible debts and stock-based compensation expense. The non-GAAP financial measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with US GAAP.

 

Reconciliations of Non-GAAP Results

Reconciliations of Non-GAAP net loss

(All amounts in thousands, except share and per share data or otherwise stated)

    Three Months Ended March 31,  
    March 31,     March 31,     March 31,  
    2021     2022     2022  
    RMB     RMB     US$  
Net loss     (29,246 )     (14,900)       (2,354)  
Less:                        
Change in fair value of convertible debts     3,215       85       13  
Stock based compensation expense     11,080       2,703       426  
Non-GAAP net loss     (14,951)       (12,112)       (1,915)  

 

 

 

 

 

 

AnPac Bio Reports Fiscal Year 2021 Annual Financial Results

AnPac Bio Reports Fiscal Year 2021 Annual Financial Results

Philadelphia, PA, May 16, 2022 (GLOBE NEWSWIRE) — 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, announced today its annual financial results for the year ended December 31, 2021.

Financial Highlights for Fiscal Year 2021

Total revenues were RMB18.0 million (US$2.8 million) in fiscal year 2021, a decrease of 12.3% from RMB20.5 million (US$3.1 million) in fiscal year 2020.

 

Gross margin was 68.1% in fiscal year 2021, an increase of 5.3% from 62.8% in fiscal year 2020.

 

The average selling price (“ASP”) of CDA-based tests was RMB387 (US$61) in fiscal year 2021, a decrease of RMB58, or 13.2% from RMB446 in fiscal year 2020, primarily due to focusing on more conventional cancer detection tests at lower prices.

 

Net loss increased to RMB120.1 million (US$18.8 million) in fiscal year 2021 from RMB 80.6 million in fiscal year 2020. The net loss in fiscal year 2021 was mainly attributable to RMB 21.4 million (US$ 3.4 million) selling and marketing expenses and RMB 80.7 million (US$ 12.7 million) general and administrative expenses.

 

Non-GAAP net loss¹ was approximately RMB76.8 million (US$12.1 million) in fiscal year 2021, an increase from a non-GAAP net loss of approximately RMB69.4 million in fiscal year 2020. Non-GAAP net loss increased by 10.7% from fiscal year 2020.

 

Short-term debt increased significantly (an increase of approximately 310.1%) compared to the end of last fiscal year (December 31, 2020).

 

(1) Non-GAAP net loss is defined as net loss excluding change in fair value of convertible debts and stock-based compensation. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Results” at the end of this press release.

Business Highlights for Fiscal Year 2021

 

 

 

 

 

 

 

 

 

 

 

In December 2021, the Company’s Class III medical device for lung cancer auxiliary diagnosis utility has successfully passed initial tests at a testing laboratory designated by National Medical Product Administration (NMPA) in China. It is expected that clinical trial will start at the end of Q2 or Q3, 2022.

 

In August, 2021, the Company filed a second class III medical device license application with 11 types of cancer auxiliary diagnosis utility with NMPA, which includes lung, esophageal, gastric, rectal, colon, liver, breast, cervical, thyroid, pancreatic and brain cancers.

 

In 2021, Frost-Sullivan, a leading and well-known US market analysis and research firm, has ranked AnPac Bio as global number one in multi-cancer screening and detection volume with 216,600 tests in a research report (based on data accumulative to the January of 2021), which included next generation cancer screening and detection technologies including circulating tumor cells (CTCs), circulating-DNA (CT-DNA), exosome, cancer differentiation analysis (CDA), mRNA, and other emerging technologies.

 

On August 18, 2021, the Company completed an acquisition of a 60% equity interest in Anpai (Shanghai) Health Management Consulting Co., Ltd (“Anpai Shanghai”), consisting of an acquisition of a 40% equity interest of Anpai Shanghai from Dr. Chris Chang Yu for a consideration of RMB 8.5 million approved by the Board of Directors, and an investment of a 20% equity interest in Anpai Shanghai which the Company has already held prior to August 18, 2021. Anpai Shanghai is engaged in providing medical screening and detection services in China.

 

The Company continued to receive validation on the efficacy of CDA testing through clinical study follow-ups. As of December 31, 2021, AnPac Bio had contacted 26,372 individuals tested using CDA packages in China and received substantive feedback regarding health conditions and disease development from 15,691 individuals.

 

Completed development and evaluation of a second-generation cancer detection sensor with improvements in multiple areas including reduced device cost, improved signal stability, cancer detection sensitivity and specificity.
   
Launched a joint venture to focus on a novel cancer treatment technology and medical device development which leverages AnPac Bio’s deep and extensive knowledge and experience in biophysics and its correlations with cancer occurrence and cancer detection.
   
As of December 31, 2021, the Company filed 260 patent applications globally, among which 152 patents had been granted, including 21 patents granted in the United States, 66 in greater China (including eight in Taiwan), and 65 in other countries and regions.

 

The Company continued to build a cancer risk assessment database, which totaled approximately 253,503 samples as of December 31, 2021, including approximately 209,350 samples from commercial CDA-based tests and approximately 44,153 samples from research studies.

 

Dr. Chris Yu, Co-CEO and Co-Chairman of AnPac Bio commented: “In 2021, we continue to lay a strong foundation in innovation, product development, clinical trial validations, and medical device certifications for growth in the next few years. We built up a strong global lead in multi-cancer screening and detection sample size and data, with the global number one ranking in multi-cancer test volume by US market firm Frost-Sullivan. Our on-going cancer test follow-up study, whose enrollment at 26,372 individuals at the end of 2021, is one of the largest studies in the world for multi- cancer test studies and continues to generate strong clinical validations for our CDA technology at medical institutions and hospitals for confirmed cancer and pre-cancer cases for individuals who had tested initially using our CDA tests during general population cancer screening and risk assessment. Moving forward, we will continue efforts to reduce our costs, including general and administrative costs, and make strong efforts in our marketing and sales.”

Financial Results for Fiscal Year 2021

Revenue

Total revenues decreased by 12.3% to RMB18.0 million (US$2.8 million) in fiscal year 2021 from RMB20.5 million (US$3.1 million) in fiscal year 2020, primarily due to a significant decrease in our revenue from cancer screening and detection tests.

Cost of Revenues

Cost of revenues decreased by 24.9% to RMB5.7 million (US$0.9 million) in fiscal year 2021 from RMB7.6 million in fiscal year 2020. The decrease was in line with a decrease of our revenue from CDA-based tests.

Gross Profit and Gross Margin

Gross profit decreased by 4.9% to RMB12.3 million (US$1.9 million) in fiscal year 2021 from RMB12.9 million in fiscal year 2020. Gross margin was 68.1% in fiscal year 2021, an increase of 5.3 percentage points from 62.8% in fiscal year 2020.

Selling and Marketing Expenses

Selling and marketing expenses increased by 8.9% to RMB21.4 million (US$3.4 million) in fiscal year 2021 from RMB19.7 million in fiscal year 2020, primarily due to higher share-based compensation as we granted more options to our marketing and sales personnel.

Research and Development Expenses

Research and development expenses increased by 40.0% to RMB16.2 million (US$2.5 million) in fiscal year 2021 from RMB11.6 million in fiscal year 2020, This increase was also attributable to an increase in our research and development related materials and higher staff costs and share-based compensation for our research and development personnel.

General and Administrative Expenses

General and administrative expenses increased by 7.9% to RMB80.7 million (US$12.7 million) in fiscal year 2021 from RMB74.8 million in fiscal year 2020, primarily due to increased staff compensation incurred in 2021.

Change in fair value of convertible debt

The Company recognized the convertible debt at fair value. The Company recognized an aggregated unrealized loss of approximately RMB9.1 million (US$1.4 million) and unrealized gain of approximately RMB6.6 million in fiscal year 2021 and 2020, respectively, due to changes in fair value of convertible debt.

Gain from fair value change in equity investment

In fiscal year 2021, the Company recorded a gain from fair value change in equity investment of approximately RMB3.2 million (US0.5 million) due to the acquisition of Anpai Shanghai.

Net Loss

Net loss increased to RMB120.1 million (US$18.8 million) in fiscal year 2021, compared to RMB80.6 million in fiscal year 2020. Basic and diluted loss per share was RMB8.72 (US$1.37) in fiscal year 2021, compared to that of RMB7.19 in fiscal year 2020.

Balance Sheet

As of December 31, 2021, the Company had cash and cash equivalents of RMB9.3 million (US$1.5 million), compared to RMB3.0 million as of December 31, 2020.

Cash Flow

Net cash used in operating activities was RMB71.7 million (US$11.3 million) in fiscal year 2021, compared to RMB58.9 million in fiscal year 2020.

Net cash used in investing activities was RMB3.9 million (US$0.6 million) in fiscal year 2021, compared to RMB2.5 million in fiscal year 2020.

Net cash provided by financing activities was RMB83.4 million (US$13.1 million) in fiscal year 2021, compared to RMB60.9 million in fiscal year 2020.

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 150 issued patents as of September 30, 2021. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021).  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: 

Company:

Phil Case, Marketing and Investor Relations

Phone: +1-267-810-6776 (US)

Email: [email protected]

For more information, please visit: https://www.Anpacbio.com.

For investor and media inquiries, please contact:

Company:
Phil Case, Marketing and Investor Relations
Phone: +1-267-810-6776 (US)
Email: [email protected]

Investor Relations:
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.

 

 

 

 

ANPAC BIO-MEDICAL SCIENCE CO., LTD.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)

 

    As of December 31,  
    2020   2021   2021  
    RMB   RMB   US$  
ASSETS              
Current assets:              
Cash and cash equivalents   3,016   9,251   1,452  
Advances to suppliers   5,588   4,704   738  
Accounts receivable, net   7,792   5,554   872  
Amounts due from related parties, net   1,277   200   31  
Inventories, net   312   490   77  
Other current assets, net   3,303   3,350   526  
Total current assets   21,288   23,549   3,696  
               
Property and equipment, net   19,267   20,264   3,180  
Land use rights, net   1,166   1,138   179  
Intangible assets, net   4,596   8,857   1,390  
Goodwill   2,223   12,758   2,002  
Long-term investments, net   883   923   145  
Other assets   464      
TOTAL ASSETS.   49,887   67,489   10,592  
               
LIABILITIES AND SHAREHOLDERS’ DEFICIT              
Current liabilities:              
Short-term debts   8,232   33,759   5,298  
Accounts payable   2,127   2,732   429  
Advance from customers   3,682   4,174   655  
Amounts due to related parties   4,130   2,471   388  
Accrued expenses and other current liabilities   25,353   19,770   3,102  
Total current liabilities   43,524   62,906   9,872  
               
Deferred tax liabilities   1,045   2,158   339  
Other long-term liabilities   2,041   1,107   174  
TOTAL LIABILITIES.   46,610   66,171   10,385  
               
Commitments and contingencies              
               
Shareholders’ (deficit) equity:              
Class A Ordinary shares (US$0.01 par value per share; 70,000,000 shares authorized, 9,192,660 and 16,604,402 shares issued and outstanding as of December 31, 2020 and December 31 2021, respectively)   618   1,096   172  
Class B Ordinary shares (US$0.01 par value per share; 30,000,000 authorized, 2,863,100 and 2,773,100 shares issued and outstanding as of December 31, 2020 and December 31, 2021)   191   185   29  
Additional paid-in capital   354,295   465,334   73,021  
Accumulated deficit   (356,951)   (475,646)   (74,639)  
Accumulated other comprehensive income   4,795   4,532   711  
Total AnPac Bio-Medical Science Co., Ltd. shareholders’ (deficit) equity   2,948   (4,499)   (706)  
Non-controlling interests   329   5,817   913  
Total shareholders’ equity   3,277 1,318   207  
               
TOTAL LIABILITIES AND EQUITY   49,887   67,489   10,592  

 

 

 

 

ANPAC BIO-MEDICAL SCIENCE CO., LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

 

    Year Ended December 31  
    2020   2021   2021  
    RMB   RMB   US$  
Revenues:              
Cancer screening and detection tests   18,445   14,947   2,345  
Physical checkup packages, net   2,064   1,654   260  
Technology service    –   1,284   201  
Retail revenue     101   16  
Total revenues   20,509   17,986   2,822  
               
Cost of revenues   (7,628)   (5,732)   (899)  
               
Gross Profit   12,881   12,254   1,923  
               
Operating expenses:              
Selling and marketing   (19,674)   (21,420)   (3,361)  
Research and development   (11,576)   (16,204)   (2,543)  
General and administrative   (74,757)   (80,676)   (12,660)  
Impairment of long-term investments   (1,430)      
Impairment of Intangible assets     (3,828)   (601)  
Impairment of goodwill     (2,223)   (349)  
Loss from operations   (94,556)   (112,097)    (17,591)  
               
Non-operating income and expenses:              
Interest expense, net   (1,143)   (4,257)   (668)  
Foreign exchange loss, net   (667)   (202)   (32)  
Share of net (loss) gain in equity method investments   (13)   132   21  
Other income (expense), net   9,096   990   155  
Change in fair value of convertible debt and settlement gain   6,630   (9,073)   (1,424)  
 Gain from fair value change in equity investment     3,240   508  
Loss before income taxes   (80,653)   (121,267)   (19,031)  
Income tax benefit   88   1,180   185  
Net loss   (80,565)   (120,087)    (18,846)  
Net loss attributable to non-controlling interests   (90)   (1,392)   (218)  
Net loss attributable to ordinary shareholders   (80,475)   (118,695)   (18,628)   
               
Loss per share              
Class A and B Ordinary shares – basic and diluted   (7.19)   (8.72)   (1.37)  
               
Weighted average shares outstanding used in calculating basic and diluted loss per share              
Ordinary shares – basic and diluted   11,190,079   13,605,515   13,605,515  
               
Other comprehensive (loss) income, net of tax:              
Fair value change relating to Company’s own credit risk on convertible loan   (108)      
Foreign currency translation adjustment   2,793   (263)   (41)  
Total comprehensive loss   (77,880)   (120,350)   (18,887)  
Total comprehensive loss attributable to non-controlling interests   (90)   (1,392)   (218)  
               
Total comprehensive loss attributable to ordinary shareholders   (77,790)   (118,958)    (18,669)  

 

 

Use of Non-GAAP Financial Measures

Non-GAAP net loss is calculated as net income adjusted for change in fair value of convertible debts and stock-based compensation expense. The non-GAAP financial measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with US GAAP.

Reconciliations of Non-GAAP Results

Reconciliations of Non-GAAP net loss

(All amounts in thousands, except share and per share data or otherwise stated)

    Year Ended December 31  
    2020     2021     2021  
    RMB     RMB     US$  
Net loss     (80,565)       (120,087)       (18,846)  
Less:                        
Change in fair value of convertible debts     (6,630)        9,073        1,424  
Stock based compensation expense     17,762       34,167       5,362  
Non-GAAP net loss     (69,433)       (76,847)       (12,060)  

 

 

 

 

AnPac Bio Regains Compliance with Market-Value-Of-Publicly Held Shares Requirement upon Transfer to The Nasdaq Capital Market

AnPac Bio Regains Compliance with Market-Value-Of-Publicly Held Shares Requirement upon Transfer to The Nasdaq Capital Market

Philadelphia, PA, May 11, 2022 – AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, announced that The Nasdaq Stock Market LLC (“Nasdaq) has notified the Company on May 9, 2022, that ANPC’s American Depositary Shares are now in compliance with the maintenance of the minimum market value of publicly held shares (“MVPHS”) of $1,000,000 as a result of the transfer of the Company’s securities from The Nasdaq Global Market to The Nasdaq Capital Market. The Nasdaq Capital Market has lower listing requirements than those of The Nasdaq Global Market, while both are a part of The Nasdaq Stock Market.

On January 19, 2022, the Nasdaq notified the Company that its American Depositary Shares had failed to maintain MVPHS of $15,000,000, set forth in Listing Rule 5450(b)(2)(C) as the Company was listed on The Nasdaq Global Market. Following the transfer of the Company’s securities to The Nasdaq Capital Market on May 6, 2022, Nasdaq has determined that the Company’s MVPHS has been $1,000,000 or greater. Accordingly, the Company complies with Listing Rule 5550(a)(5), and this matter is now closed with the Nasdaq.

The resolution of the MVPHS requirement does not address the Company’s separate requirement to maintain a minimum bid price of $1 per share. The Company is currently in a grace period for the $1 bid price requirement that runs through September 5, 2022. Companies listed on The Nasdaq Capital Market may be eligible for a second 180-day grace period for bid price if they meet certain standards, including a demonstration that stockholders’ equity is at least $5 million.

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 150 issued patents as of September 30, 2021. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021).  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: 

Company:

Phil Case, Marketing and Investor Relations

Phone: +1-267-810-6776 (US)

Email: [email protected]

 

Investor Relations:

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, our ability to comply with Nasdaq Listing Rules, 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.

 

Nasdaq Hearing Panel Grants AnPac Bio’s Request to Transfer Securities from The Nasdaq Global Market to The Nasdaq Capital Market

Nasdaq Hearing Panel Grants AnPac Bio’s Request to Transfer Securities from The Nasdaq Global Market to The Nasdaq Capital Market

Philadelphia, PA, May 6, 2022 – AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, announced that the Nasdaq Hearings Panel (the “Panel”) has granted the request of AnPac Bio to transfer the Company’s American Depositary Shares from The Nasdaq Global Market to The Nasdaq Capital Market, effective May 6, 2022 and to continue its listing on The Nasdaq Stock Market, subject to various conditions. The Nasdaq Capital Market has lower listing requirements than those of The Nasdaq Global Market, while both are a part of The Nasdaq Stock Market.

Under the terms of the decision, the Panel has stated that on or before May 31, 2022, the Company must evidence compliance with The Nasdaq Capital Market’s $2.5 million stockholder’s equity requirement, by filing a Form 6-K with the U.S. Securities and Exchange Commission, containing: 1) a description of the completed transactions or events that enabled the Company to satisfy the stockholder’s equity requirement for continued listing; and 2) a balance sheet, no older than 60 days with pro forma adjustments for any significant transactions or events occurring on or before the report date, which evidences compliance with the stockholders’ equity requirement; and 3) a disclosure that the Company believes it also satisfies the stockholders’ equity requirement as of the report date. The transfer to The Nasdaq Capital Market does not resolve the dollar bid requirement, which remains outstanding.

In order to fully comply with the terms of this decision, the Company must be able to demonstrate compliance with all applicable requirements for continued listing on The Nasdaq Capital Market by May 31, 2022. In that regard, the Company is currently in a grace period for the $1 bid price requirement that runs through September 5, 2022. As a result, the Company does not have to regain compliance with the bid price requirement in order to satisfy the decision. Companies listed on The Nasdaq Capital Market may be eligible for a second 180-day grace period for bid price if they meet certain standards, including a demonstration that stockholders’ equity is at least $5 million. In the event the Company is unable to meet the terms of the decision, the Company may seek a further extension from the Panel not to exceed September 20, 2022; however, there can be no assurance that the Panel would grant a further extension or that the Company will return to compliance.

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 150 issued patents as of September 30, 2021. 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. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021).  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: 

Company:

Phil Case, Marketing and Investor Relations

Phone: +1-267-810-6776 (US)

Email: [email protected]

 

Investor Relations:

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, our ability to comply with Nasdaq Listing Rules, 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.

 

©2021 Anpac Bio-Medical Science Co., Ltd.