AnPac Bio Regains Compliance with Nasdaq Continued Listing Requirement

Rhea-AI Summary

AnPac Bio-Medical Science Co., Ltd. (ANPC) announced it has regained compliance with the Nasdaq Listing Rule after its market value surpassed $50 million for 12 consecutive business days from February 16 to March 3, 2021. This compliance follows prior notification from Nasdaq regarding non-compliance due to a market value drop below the required threshold. CEO Dr. Chris Yu expressed satisfaction in regaining compliance, emphasizing its importance for accessing capital markets and enhancing shareholder liquidity. AnPac Bio focuses on early cancer detection technologies with 128 issued patents.

Positive

• Regained compliance with Nasdaq Listing Rule 5450(b)(2)(A) after market value exceeded $50 million.
• This allows continued access to capital markets and enhances liquidity for shareholders.

Negative

• None.

SAN JOSE, Calif., March 05, 2021 (GLOBE NEWSWIRE) -- AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (ANPC), a biotechnology company with operations in China and the United States focused on early cancer screening and detection, announced today that on March 4, 2021, the Company received a letter from the Nasdaq Stock Market, Inc. (“Nasdaq”), stating that for the last 12 consecutive business days, from February 16 to March 3, 2021, the market value of the Company’s listed securities had been $50,000,000 or greater. Accordingly, Nasdaq determined that the Company has regained compliance with Nasdaq Listing Rule 5450(b)(2)(A) (the “Rule”), and this matter has now been closed by Nasdaq.

As previously disclosed on October 9, 2020, the Company received a written notification from Nasdaq dated October 6, 2020 stating that for the last 30 consecutive business days prior to the date of the letter, the market value of the Company’s listed securities was below US$50,000,000, the minimum Market Value of Listed Securities required for the Nasdaq Global Market, as set forth in the Rule. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), Nasdaq provided the Company with 180 calendar days, or until April 5, 2021, to regain compliance with the Rule.

Dr. Chris Yu, CEO and Chairman of AnPac Bio, commented: “We are pleased to see that the Company’s market value of listed securities once again exceeds the requirement for continued listing on Nasdaq. Regaining compliance allows continued access to the capital markets for the Company and liquidity for our shareholders.”

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 128 issued patents as of June 30, 2020. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory and one CLIA registered 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 Frost & Sullivan, AnPac Bio ranked third worldwide among companies offering next-generation early cancer screening and detection technologies in terms of the number of clinical samples for cancer screening and detection, based on approximately 41,700 clinical samples as of December 31, 2019. 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, 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; 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 significance of AnPac Bio's compliance with Nasdaq Listing Rule 5450?

AnPac Bio regaining compliance with Nasdaq Listing Rule 5450 allows them to maintain their listing and continue accessing capital markets.

What were the market value conditions for AnPac Bio's compliance with Nasdaq?

AnPac Bio needed to maintain a market value of at least $50 million for 12 consecutive business days to comply with Nasdaq requirements.

When did AnPac Bio receive the notification of compliance from Nasdaq?

AnPac Bio received the compliance notification from Nasdaq on March 4, 2021.

How many patents does AnPac Bio hold related to cancer detection?

As of June 30, 2020, AnPac Bio holds 128 issued patents focusing on early cancer screening and detection.

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

AnPac Bio specializes in early cancer screening and detection technologies.