AnPac Bio Approved Written Resolutions of a Majority of the Members Addressing the Removal of Directors and Officers, Re-designation of Officers, and Change of Members of the Committees

Rhea-AI Summary

AnPac Bio-Medical Science Co. (ANPC) announced significant changes in its leadership structure following member resolutions approved on July 14, 2022. The decisions included the immediate removal of Aidong Chen and Sheng Liu as directors. Chris Chang Yu was appointed as both Chief Executive Officer and Chairman of the Board. These changes reflect a shift in governance aimed at improving company direction, particularly in cancer screening and detection technology, where AnPac Bio has established a strong patent portfolio and operational presence in both the U.S. and China.

Positive

• Chris Chang Yu appointed as CEO and Chairman, potentially stabilizing leadership and strategy.
• Company has 155 issued patents as of March 31, 2022, indicating strong intellectual property position.
• Ranked first globally in multi-cancer screening and detection test sample volume as of January 2021.

Negative

• Immediate removal of key executives may indicate internal discord or operational challenges.
• Change in leadership could disrupt ongoing projects and investor confidence.

PHILADELPHIA, July 18, 2022 (GLOBE NEWSWIRE) -- 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 Company’s Members approved Written Resolutions of a Majority of the Members (the “Resolutions”) on July 14, 2022 addressing the removal of directors and officers, re-designation of officers, and change of members of the committees. The Resolutions were approved by 69.29% of the total voting power of the Company entitled to vote at a general meeting in accordance with British Virgin Islands law, which allows Member’s resolutions to be approved by written resolutions signed by a majority of the votes of all Members entitled to vote on the resolution at a general meeting.

The proposals authorized (1) the removal of Aidong Chen and Sheng Liu as Directors, the removal of Aidong Chen as (a) Co-Chairman of the Board of Directors of the Company and (b) Co-Chief Executive Officer of the Company, effective immediately without compensation for loss of office; (2) the re-designation of Chris Chang Yu as (a) Chief Executive Officer of the Company and (b) Chairman of the Board, approved with immediate effect; (3) the removal of Sheng Liu as the chairman of the Nomination Committee of the Board and as a member of the Compensation Committee of the Board, effective immediately, and (4) the appointment of Chris Chang Yu as the chairman of the Nomination Committee of the Board and as a member of the Compensation Committee of the Board.

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 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 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 leadership changes occurred at AnPac Bio (ANPC) on July 14, 2022?

On July 14, 2022, AnPac Bio's Members approved resolutions to remove Aidong Chen and Sheng Liu as directors. Chris Chang Yu was appointed as CEO and Chairman.

What is the effect of the recent changes in AnPac Bio's management on its stock?

Leadership changes can impact investor confidence and stock performance due to potential shifts in company strategy.

How many patents does AnPac Bio (ANPC) hold?

As of March 31, 2022, AnPac Bio holds 155 issued patents.

What recognition did AnPac Bio (ANPC) receive for its cancer screening tests?

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