AnPac Bio to Receive Up To USD $8 Million Dollar Grants and Award for R&D, Product Commercialization, and Milestone Achievements

Rhea-AI Summary

AnPac Bio-Medical Science Co. announced it has secured approximately $8 million in grants and a rental award from local authorities in China to support its R&D and product commercialization efforts. These funds will be distributed over a few years, starting this quarter, and are tied to specific milestone achievements. CEO Dr. Chris Yu expressed optimism about accelerating R&D and cancer detection product commercialization in both China and the U.S. AnPac Bio ranks highly in cancer screening technology, with a focus on early detection.

Positive

• Secured approximately $8 million in grants and rental awards to support R&D and product commercialization.
• Funding is tied to specific milestones, indicating potential for financial growth based on performance.
• Positive CEO comments reflect confidence in achieving business goals and increasing revenue.

Negative

• None.

SAN JOSE, Calif., Oct. 07, 2020 (GLOBE NEWSWIRE) -- AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (NASDAQ: ANPC), a biotechnology company with operations in China and the United States, announced today that in recognition of its successes in leading edge life science innovations and advancements and in support of its R&D and product commercialization efforts, AnPac Bio has obtained three grants and one rental award from various local authorities in China with a portion of the funding subject to milestone achievements. In total, these grants and award reached approximately US$8 million. Grant and award payments or benefits are expected to be received over a few years starting from this quarter and will help AnPac Bio fund R&D and new product commercialization.

Dr. Chris Yu, AnPac Bio’s Chairman and CEO commented: "We are pleased and thankful for the grant and award recognitions. We believe that we are well positioned to successfully execute our goals this year and in 2021, during which we will accelerate our R&D, cancer detection product commercialization in China (class III medical device) and US (Laboratory Developed Tests (LDT)), and increase our revenue.”

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 registered clinical laboratory, 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 and first in China 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 at May 2020. 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 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 total amount of grants AnPac Bio secured?

AnPac Bio secured approximately $8 million in grants and awards.

When will AnPac Bio begin receiving the grant funding?

AnPac Bio expects to receive the funding over a few years, starting from this quarter.

What will the grants be used for?

The grants will support AnPac Bio's R&D and product commercialization efforts.

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

AnPac Bio focuses on early cancer screening and detection technologies.

What is the stock symbol for AnPac Bio?

The stock symbol for AnPac Bio is ANPC.