AnPac Bio Announces Changes to the Board of Directors

Rhea-AI Summary

AnPac Bio-Medical Science Co., Ltd. (Nasdaq: ANPC) announced leadership changes on November 10, 2022. Yuyang Cui resigned as Co-Chair and Co-CEO effective November 7, 2022, while Jiawen Kang stepped down from the Board and committees as of November 4, 2022. Haohan Xu remains as Co-Chair and Co-CEO, expressing gratitude for their contributions. AnPac Bio, focused on early cancer screening with 155 patents, ranks first globally in multi-cancer test sample volume according to Frost & Sullivan. The company continues to develop its Cancer Differentiation Analysis technology for various cancer types.

Positive

• Leadership changes may bring fresh perspectives with ongoing commitment from Haohan Xu.
• AnPac Bio holds 155 patents, highlighting strong intellectual property in the cancer screening field.

Negative

• Resignation of key executives could cause concerns about continuity and leadership stability.
• Potential gaps in experience following multiple resignations may affect business operations.

PHILADELPHIA, Nov. 10, 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 the resignation of Yuyang Cui as (i) the Co-Chair of the board of directors (the “Board”), and (ii) the Co-Chief Executive Officer, effective from November 7, 2022, and the resignation of Jiawen Kang from the position of (i) a director of the Board, (ii) a member of the audit committee, and (iii) a member of the nominating and corporate governance committee, effective from November 4, 2022.

Mr. Haohan Xu, the Co-Chairperson and Co-Chief Executive Officer of the Company, said, “On behalf of the Board of Directors and management team, I would like to express our sincere gratitude to them for all their contributions to the 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 leadership changes occurred at AnPac Bio-Medical Science Co. on November 10, 2022?

Yuyang Cui resigned as Co-Chair and Co-CEO effective November 7, 2022, and Jiawen Kang stepped down as a director on November 4, 2022.

Who is currently leading AnPac Bio after the recent resignations?

Haohan Xu continues as Co-Chair and Co-CEO following the resignations.

What is AnPac Bio's focus in the biotechnology sector?

AnPac Bio specializes in early cancer screening and detection, aiming to improve diagnostic capabilities.

How does AnPac Bio rank in the cancer screening market?

AnPac Bio is ranked first globally in multi-cancer screening and detection test sample volume as of January 2021.

What impact could the executive changes have on AnPac Bio's operations?

The resignations may lead to concerns about leadership continuity and potential experience gaps.