AnPac Announces Strategic Initiative to Establish A Wholly-Owned Subsidiary for US Food Market
AnPac Bio-Medical Science Co., Ltd. (Nasdaq: ANPC) has established a wholly-owned subsidiary, Fresh2 Technology Inc., in Delaware as of October 4, 2022. This new venture aims to launch a business-to-business food trade and delivery platform, leveraging strategies from China’s food distribution system in response to the growing Asian food market in North America. Co-CEO Haohan Xu emphasized the importance of this initiative for driving growth in the company’s U.S. operations, aligning with AnPac's focus on early cancer screening and detection.
- Formation of Fresh2 Technology Inc. to diversify business operations.
- Potential to tap into the growing North American Asian food market.
- Expansion into a new industry may divert focus from core business in biotechnology.
PHILADELPHIA, Dec. 05, 2022 (GLOBE NEWSWIRE) -- AnPac Bio-Medical Science Co., Ltd. (Nasdaq: ANPC) (“AnPac Bio” or the “Company”), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, today announced that the Company has formed a wholly-owned subsidiary Fresh2 Technology Inc in the State of Delaware on October 4, 2022 in order to establish the company's new product line of business-to-business food trade and delivery platform for local restaurants and supermarkets, a combination of the China’s food distribution strategies and North America’s growing Asian food market.
Mr. Haohan Xu, the Co-CEO commented: “We are dedicated to developing and producing high-performance platform and supply chain of food distribution system, for a broader client group in US local markets. The new business line will play a critical role for our North American operations of food business, spurring a new phase of growth for our Company.”
About AnPac Bio
AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory in the United States, AnPac Bio performs a suite of cancer screening and detection tests, including CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics tests. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multi-cancer screening and detection test sample volume (accumulative to January 2021). AnPac Bio’s CDA technology platform has been shown in retrospective validation studies to be able to detect the risk of over 20 different cancer types with high sensitivity and specificity.
For investor and media inquiries, please contact:
Company:
Phil Case, Marketing and Investor Relations
Phone: +1-267-810-6776 (US)
Email: phil_case@AnPacbio.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, 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.
FAQ
What is the purpose of AnPac Bio's new subsidiary Fresh2 Technology Inc.?
When was Fresh2 Technology Inc. established by AnPac Bio?
What market is AnPac Bio targeting with its new food distribution business?
How does AnPac Bio's new venture impact its core business?
