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.

 

AnPac Bio and New Investor Sign Equity Investment Totaling $15 Million

AnPac Bio and New Investor Sign Equity Investment Totaling $15 Million

Philadelphia, PA, April 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 on April 4, 2022, the Company and Hunan Weitou Technology Co., Ltd. (“new investor”) have signed a legally binding equity investment totaling $15 Million which will be invested in five installments over the next 30 months.

Under the terms of the agreement, the new investor will invest $3 Million at the beginning of every 6 months.  The first $3 Million, which is in the form of private equity investment, has a purchase price at $0.414 per share.  It is expected that the first investment installment will be completed in April 2022.

Dr. Ai-Dong Chen, Chairman of the board and CEO of the Company, commented: ”This long term equity investment is significant and important to the growth of our company.  It also shows investors’ confidence in the prospects of our company and its leading-edge technology.  We have a very strong innovation track record, significant intellectual property, including over 260 filed patent applications and 150 issued patents, the world’s largest cancer detection data base and sample size (in new generation cancer detection technology space) according to Frost & Sullivan, and a leading edge, novel cancer detection technology which is already saving lives on the weekly basis.”

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.

 

AnPac Bio Appoints Dr. Aidong Chen as New Chief Executive Officer and Chairman of the Board and Miss Sheng Liu as a New Board Member

AnPac Bio Appoints Dr. Aidong Chen as New Chief Executive Officer and Chairman of the Board and Miss Sheng Liu as a New Board Member

Philadelphia, PA, April 8, 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 Dr. Aidong Chen has joined the Company as its board director, Chief Executive Officer and Chairman of the Board of Directors. Dr. Aidong Chen has been a practicing physician and researcher for over 10 years. He has received over 20 global patents on his work and published 91 papers over his career. Dr. Chen has been affiliated with many leading hospitals, including Yijishan Hospital, and Nanjing Medical University. He has replaced Dr. Chris Yu, Company’s founder, who resigned as board director, CEO and Chairman of the Board of the Company.  As head of China operations of the Company, Dr. Yu will remain with the Company in a senior management role to focus on growing business in China.

The Company will also be adding Sheng “Dorothy” Liu to the Board of Directors, who will be replacing Mr. Chao Feng. Ms. Liu is currently the CEO of Zhongjintai Venture Capital (Shenzhen) Co., Ltd., a venture capital firm in Shenzhen. She has worked in finance and consulting, including in private equity, for almost ten years. Ms. Liu will be an independent director and will also serve as a member of the Compensation Committee and Chairperson of the Nominating Committee.

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.

 

AnPac Bio Filed Request for a Hearing Regarding Continued Listing on NASDAQ, The Hearing was Granted and scheduled for Late April

AnPac Bio Filed Request for a Hearing Regarding Continued Listing on NASDAQ,

The Hearing was Granted and scheduled for Late April

Philadelphia, PA, April 4, 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 April 1, 2022, the Company received a Nasdaq Hearing Instructions letter (the “Letter”) from the Nasdaq Stock Market LLC (the “Nasdaq”) notifying the Company that a Nasdaq Hearings Panel will consider the Company’s appeal at an oral hearing which will be held on April 28, 2022.

On March 31, 2022, the Company filed a request for an appeal hearing before a Nasdaq Hearings Panel to present its plan to regain compliance with the applicable listing requirements of Nasdaq. This is a follow-up to its recent receipt of a Staff Determination letter dated March 24, 2022 (the “ Staff Determination Letter”) from the Listing Qualifications Department of Nasdaq notifying the Company of the Staff’s determination to delist the Company’s securities from The Nasdaq Global Market due to its failure to regain compliance with the minimum $50,000,000 Market Value of Listed Securities required for continued listing as set forth in Listing Rule 5450(b)(2)(A) (the “ MVLS”), following the 180 calendar day compliance period. The Letter also indicated that the Company has not met the minimum standard requirements of $10,000,000 in stockholders’ equity, $50,000,000 in total assets and $50,000,000 in total revenue. Pursuant to the Staff Determination Letter, unless the Company requests an appeal, trading of the Company’s American Depositary Shares will be suspended at the opening of business on April 4, 2022, and Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on Nasdaq.

The April 1, 2022 Letter from Nasdaq notified the Company that because the Company had appealed, the delisting action has been temporarily stopped, pending a final written decision by the Nasdaq Hearings Panel.

At the hearing, the Company must demonstrate its ability to regain compliance with the particular deficiencies cited by Nasdaq, as well as its ability to sustain long-term compliance with all applicable maintenance criteria. If the Company is currently subject to a Listing Rule compliance period for a deficiency distinct from those that are bases for Nasdaq’s determination to delist the Company, it must also address its plan for regaining compliance with that particular standard within the applicable compliance period. The Company will be notified if Nasdaq identifies new deficiencies either before or after the hearing, and will be provided an opportunity to respond.

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.

 

AnPac Bio-Medical Sciences Announces Receipt of Staff Delisting Determination from Nasdaq; In-tends to Request Hearing

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

Philadelphia, PA, March 25, 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 March 24, 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 Global Market due to its failure to regain compliance with the minimum $50,000,000 Market Value of Listed Securities required for continued listing as set forth in Listing Rule 5450(b)(2)(A) (the “ MVLS”), following the 180 calendar day compliance period. The Letter also indicates that the Company has not met the Nasdaq’s minimum standard requirements of $10,000,000 in stockholders’ equity, $50,000,000 in total assets and $50,000,000 in total revenue. Pursuant to the Letter, 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 April 4, 2022, and Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on the Nasdaq Stock Market. The Company may also apply to list its securities on The Nasdaq Capital Market if it satisfies the requirements for continued listing on that market. The Company is applying to transfer to The Nasdaq Capital Market and will appeal the Letter to seek additional time to meet the requirements to transfer.

As previously reported, on September 24, 2021, the Company received a written notification from Nasdaq indicating that the Company no longer meets the continued listing requirement of MVLS for 30 consecutive business days preceding September 24, 2021. The Company was provided 180 calendar days, or until March 23, 2022 to regain compliance with the MVLS requirement. The Company was unable to regain compliance with the MVLS requirement by March 23, 2022. As previously reported, the Company has a separate Nasdaq Global Market deficiency in the requirement that it maintain a minimum Market Value of Public Held Shares (“MVPHS”) of $15,000,000. The Company has until July 18, 2022 to regain compliance with the MVPHS requirement. Also as previously filed, on March 8, 2022, the Company received a written notification indicating that the minimum closing bid price per share for its American Depositary Shares was below $1.00 for a period of 30 consecutive business days preceding March 8, 2022 and the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”). The Company has until September 5, 2022 to regain compliance with the minimum bid price requirement. Resolving any of the existing deficiencies will not automatically resolve any of the other deficiencies. The existence of a second deficiency prevented the Company from receiving an extension from the Staff to return to compliance with the MVLS requirement. Listing on the Nasdaq Capital Market, meeting the stockholder’s equity and bid price requirements will allow the Company to remove deficiencies and continue to be listed.

The Company intends to request a hearing before a Hearings Panel (the “Panel”). Such a request will allow the Company to continue to be traded (listed) for a period of the time and the filing of the Form 25-NSE pending the Panel’s decision; during the period before the hearing, the Company’s American Depositary Shares will continue to trade. At the hearing, the Company intends to request a transfer to the Nasdaq Capital Market, present a plan to achieve compliance with continued listing requirements of The Nasdaq Capital Market and request that the Panel allow the Company additional time within which to regain such compliance. While the Company believes that it will be able to present a viable plan to regain compliance with Nasdaq Capital Market requirements, there can be no assurance that the Panel will grant the Company’s request for a suspension of delisting or continued listing.

“AnPac Bio is committed to taking the actions necessary to remain publicly traded on the Nasdaq,” said Dr. Chris Yu, chairman and CEO of the Company. “We will follow the procedure in this circumstance and apply for a hearing with the objective of doing what is required to bring the company into 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.

 

AnPac Bio-Medical Sciences Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement

AnPac Bio-Medical Sciences Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement

Philadelphia, PA, March 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 today that on March 8, 2022, it received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with the minimum bid price requirement of US$1.00 per share under the Nasdaq Listing Rules (the “Listing Rules”). Based on the closing bid price of the Company’s listed securities for the last 30 consecutive business days from January 24, 2022 to March 7, 2022, the Company has failed to meet the minimum bid price requirement set forth in Listing Rule 5450(a)(1) during that period. The Notice is only a notification of deficiency. It is not a notice of imminent delisting, and it has no current immediate effect on the listing or trading of the Company’s securities on the Nasdaq Capital Market.

The Notice states that under Listing Rule 5810(c)(3)(A) the Company is provided with a period of 180 calendar days, or September 5, 2022, to regain compliance with the Listing Rules. To regain compliance with the Listing Rules, the Company’s listed securities price must be at least US$1.00 for a minimum of ten consecutive business days. In the event the Company does not regain compliance by September 5, 2022, the Company may be eligible for additional time to regain compliance or may face delisting.

As Also as previously announced, the Company has a separate Nasdaq Global Market deficiency in the requirement that it maintain a minimum Market Value of Public Held Shares (“MVPHS”) of US$15 million. The Company has until July 18, 2022 to regain compliance with the MVPHS requirement. Resolving any of the minimum bid price deficiency, MVPHS deficiency and MVLS deficiency will not resolve any of the other deficiencies. In addition, although the Company may be eligible for a further extension of up to 180 calendar days to return to compliance with continued listing requirements, such extensions are contingent on the absence of any other deficiencies.

The Company intends to continue to monitor the closing bid price of its ordinary shares between now and September 5, 2022, and to evaluate its available options to regain compliance within the compliance period. The Company fully intends to resolve the deficiency and regain compliance with the Listing Rules.

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, 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’s Bio-Chip Subsidiary, Changwei System Technology Co., Ltd., Receives Independent Valuation and Approval from the Board to Explore Strategic Alternatives

AnPac Bio’s Bio-Chip Subsidiary, Changwei System Technology Co., Ltd., Receives Independent Valuation and Approval from the Board to Explore Strategic Alternatives

Philadelphia, PA, March 2, 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 today that its fully owned biochip subsidiary, Changwei System Technology (Shanghai) Co., Ltd. (“Changwei”), was recently evaluated and appraised by China Alliance Appraisal (Shanghai) Co. Ltd., an independent company that is certified and licensed by the China Appraisal Society under the Ministry of Finance and is one of the top 10 appraisers in China by revenue. China Alliance Appraisal, Co., Ltd. provided a certified written appraisal report which valued Changwei at RMB 578 million (approximately USD $90 million based on the current exchange rate).  An appraisal is an opinion about the approximate value of a company and is not a guarantee that any transaction may be completed based on that appraised value or at all. The appraisal was performed following the recent approval from the board of directors of AnPac Bio to explore strategic alternatives for Changwei, including a potential strategic investment, to maximize shareholder value for the Company.

Changwei was founded in 2011 and has since focused on the design, R&D, and testing of novel, specialty bio-integrated circuit (IC) chips for life science applications. The team consists of a group of IC experts and engineers from IC and IC packaging companies such as Micron Technologies, Motorola, Semiconductor Manufacturing International Corporation, and Amkor.   Changwei is currently developing biochips for in vitro diagnostics (IVD) applications and the biochip currently used in Anpac Bio’s Cancer Differentiation Technology (CDA) platform for cancer screening and detection, which has already been commercialized and is in volume production.  In addition, in 2021, Changwei began development of a new biochip for AnPac Bio JV’s novel cancer treatment. Recently, Changwei signed a letter of intent with a life science company, under which Changwei will work on a new biochip for an automatic drug injection medical device for diabetes patients.

Dr. Chris Yu, CEO and Chairman of AnPac Bio commented: “We are very pleased with the progress of our IC chip subsidiary, including our novel IC chip for multi-cancer screening and detection applications. In addition to helping AnPac Bio in cancer screening, Changwei’s talent, IP, knowledge and experience may also be of benefit to life science companies to develop new and novel products involving Changwei-designed biochips.”

There can be no assurance that the strategic review process will result in any strategic alternative, or any assurance as to its outcome or timing. AnPac Bio has not set a timetable for completion of the review process and does not intend to disclose developments related to the process unless and until the Board otherwise determines that further disclosure is appropriate or required.

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, 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; the development of our Changwei’s business and related ongoing valuation of Changwei; our ability to structure transactions on terms that are advantageous to our company our at all; 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 Files CDA Device for Breakthrough Medical Device Designation Request with the FDA

AnPac Bio Files CDA Device for Breakthrough Medical Device Designation Request with the FDA

Philadelphia, PA, February 3, 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 today that it has filed for a Breakthrough device designation request for its cancer differentiation analysis (CDA) technology based medical device with the Food and Drug Administration (FDA) on February 1, 2022.

AnPac Bio’s novel CDA technology and its medical device relies on the detection and analysis of biophysical signals in a blood sample to determine the risk level of over 20 different types of cancers. Since its development, AnPac Bio has worked with partners in hospitals and medical institutions in extensive retrospective and prospective clinical trials and has collected over 43,000 samples. It has also screened over 200,000 samples from the general population for cancer, in which CDA technology is already contributing to catching cancer early, allowing patients to be treated earlier, and helping us in our fight against cancer.  The filing of a designation request for a breakthrough medical device signifies that we are confident that CDA technology is a highly novel technology with significant innovations and advantages.

Development as well as validation work on CDA technology has also been carried out in AnPac Bio’s Philadelphia CLIA/CAP accredited laboratory, in addition to its laboratories in China.

Dr. Chris Yu, CEO and Chairman of AnPac Bio commented: “We are very pleased with the FDA filing of the CDA medical device for a breakthrough medical device designation.  We strongly believe that our CDA technology, a multi-cancer detection platform based on the measurement of biophysical properties, is highly novel and offers many unique advantages, including the ability to detect multiple cancer types early, as well as its ease of use, high sensitivity and specificity, and cost effectiveness.  We are very proud that CDA technology is already helping us in our fight against cancer and is currently saving human lives.”

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, 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.