AnPac Bio’s Bio-Chip Subsidiary, Changwei System Technology Co., Ltd., Receives Independent Valuation and Approval from the Board to Explore Strategic Alternatives
March 03 2022 - 7:00AM
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: phil_case@AnPacbio.com
Investor Relations:
Ascent Investor Relations LLCTina Xiao,
PresidentPhone: +1-917-609-0333
(US)Email: tina.xiao@ascent-ir.com
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.
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