AnPac Bio Announces Board and Management Changes

Rhea-AI Summary

AnPac Bio-Medical Science Co., Ltd. (Nasdaq: ANPC) announced significant changes to its board and management team on October 3, 2022. Mr. Haohan Xu has been appointed Co-Chairperson and Co-CEO, bringing experience from Apifiny Group. Ms. Xiaoyu Li is now the CFO, with a background in investor relations. Other new board members include Mr. Tianruo Pu, Mr. Zhigang Zhao, and Mr. Honggang Tian, each having extensive financial and operational expertise. These appointments aim to drive growth in early cancer screening and detection, continuing development under Dr. Chris Chang Yu.

Positive

• Appointment of experienced leaders like Haohan Xu and Xiaoyu Li may enhance operational effectiveness.
• The new management team brings diverse experience in finance and technology, potentially unlocking growth opportunities.

Negative

• Resignation of existing directors may raise concerns about continuity and management stability.

PHILADELPHIA, Oct. 03, 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 changes to its board composition and management team.

Mr. Haohan Xu has been appointed as a director of the board of directors (the “Board”), Co-Chairperson of the Board and Co-Chief Executive Officer of the Company. Mr. Xu is the Chief Executive Officer of Apifiny Group Inc., a digital asset trading infrastructure provider based in New York, United States and has been actively engaged in the fintech industry with past directorship and senior executive positions held at fintech companies including Mercurity Fintech Holding Inc. (Nasdaq: MFH).

Ms. Xiaoyu Li has been appointed as a director of the Board and as Chief Financial Officer of the Company. Ms. Li has extensive experience in investor relations and investment. From May 2018 to August 2021, Ms. Li served as a director of Mercurity Fintech Holding Inc. (Nasdaq: MFH), where Ms. Li previously worked at the investor relations department from 2012 to 2013.

Mr. Tianruo (Robert) Pu has been appointed as a director of the Board, chairperson of the audit committee and member of the compensation committee as well as nominating and corporate governance committee. Mr. Pu currently serves as an independent director of Autohome Inc. (NYSE: ATHM; HKSE: 2518), One Connect Financial Technology (NYSE: OCFT) and 3SBio Inc. (HKSE: 1530).

Mr. Zhigang (Frank) Zhao has been appointed as a director of the Board, chairperson of the compensation committee and member of the audit committee as well as nominating and corporate governance committee. Mr. Zhao has over two decades of experience in financial and accounting management with auditing firms and public companies.

Mr. Honggang (Harvey) Tian has been appointed as a director of the Board, chairperson of the nominating and corporate governance committee and member of the audit committee as well as compensation committee. Mr. Tian is an experienced investment professional, with particular focus in Internet and high-tech industries.

In relation to the above appointments, each of Mr. Chris Chang Yu, Jinqiu Tang, Xing Pu, Ren Luo, Jianhua Shao and Guo Feng will resign as a director and/or officer of the Company. These changes are expected to become effective in early October after the completion of customary onboarding processes, including required filings with The Registry of Corporate Affairs in the British Virgin Islands.

Under the new structure, Dr. Chris Chang Yu will continue to manage Company’s cancer screening technology development and grow its business.

“We are delighted to welcome Mr. Haohan Xu, Ms. Xiaoyu Li, Mr. Tianruo Pu, Mr. Zhigang Zhao and Mr. Honggang Tian to the Board and management team,” said Dr. Chris Yu, Co-Chairman of the Board and Co-Chief Executive Officer of the Company. “We believe their experience and expertise will provide significant value to AnPac Bio as we continue to explore growth opportunities in our early cancer screening and detection business and explore strategic alternatives to further unlock value for shareholders. On behalf of the Board, I would also like to express my sincere gratitude to the departing directors for their incredible contribution to the Company during their tenure on the Board and wish them well for the future.”

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

Inventor Relations:

Ascent Investor Relations LLC
Tina Xiao, President
Phone: +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, 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 changes were announced by AnPac Bio on October 3, 2022?

AnPac Bio announced a restructuring of its board and management team, including the appointment of Haohan Xu as Co-CEO and Xiaoyu Li as CFO.

Who are the new directors appointed to AnPac Bio's board?

The new directors include Haohan Xu, Xiaoyu Li, Tianruo Pu, Zhigang Zhao, and Honggang Tian.

What is the expected impact of AnPac Bio's management changes?

The new management team is expected to leverage their experience to drive growth in early cancer screening and detection.

What roles did the departing directors hold at AnPac Bio?

The resigning directors held various positions on the board but specific roles were not detailed in the press release.