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AnPac Bio-Medical Science Co., Ltd. (NASDAQ: ANPC) reported its unaudited financial results for Q1 2022, showing total revenue of approximately RMB2.0 million (US$309,000), a 9.9% decrease from Q1 2021. Gross profit margin decreased to 55.4%. The net loss improved to approximately RMB14.9 million (US$2.4 million), down 49.1% year-over-year. The company significantly reduced selling and marketing expenses by 24.1% and research and development expenses by 28.3%. Short-term debt decreased by 66.1%. AnPac Bio continues to develop its cancer risk assessment database and filed 260 patent applications globally.
AnPac Bio reported its annual financial results for the year ending December 31, 2021. Total revenues fell 12.3% to RMB18.0 million (US$2.8 million) due to decreased cancer screening revenues, with a gross margin increase to 68.1%. The net loss expanded to RMB120.1 million (US$18.8 million) compared to RMB80.6 million in 2020, driven by rising operational costs. The company made significant advancements in cancer detection technology and ranked first globally in multi-cancer screening volume. Cash reserves increased to RMB9.3 million (US$1.5 million), and net cash used in operations rose to RMB71.7 million (US$11.3 million).
AnPac Bio-Medical Science Co., Ltd. (ANPC) has received confirmation from Nasdaq that its American Depositary Shares comply with the minimum market value of publicly held shares (MVPHS) following its transfer from The Nasdaq Global Market to The Nasdaq Capital Market. The company initially failed to meet the MVPHS requirement of $15 million but is now compliant with a minimum of $1 million. However, the company remains in a grace period until September 5, 2022, to meet a separate requirement of maintaining a minimum bid price of $1 per share.
AnPac Bio-Medical Science Co., Ltd. (ANPC) announced its American Depositary Shares will transfer from The Nasdaq Global Market to The Nasdaq Capital Market as of May 6, 2022. This change is due to the need for lower listing requirements. To maintain its listing, AnPac Bio must demonstrate compliance with a $2.5 million stockholder’s equity requirement by May 31, 2022. The company is currently in a grace period for the $1 bid price requirement, which ends on September 5, 2022, and has the option to request a further extension until September 20, 2022.
AnPac Bio, a biotechnology firm focused on early cancer detection, announced a $15 million equity investment from Hunan Weitou Technology Co. This investment, structured in five installments over 30 months, highlights investor confidence in AnPac Bio's innovative technology. The first $3 million installment, priced at $0.414 per share, is expected to complete in April 2022. AnPac Bio possesses over 260 patent applications and claims a leading position in cancer screening volume globally, supporting its CDA technology's effectiveness in detecting various cancers.
AnPac Bio-Medical Science Co., Ltd. (ANPC) has announced a leadership change, appointing Dr. Aidong Chen as the new CEO and Chairman, replacing founder Dr. Chris Yu, who will stay on in a senior management role. Dr. Chen brings over 10 years of medical and research experience, holding over 20 global patents. Additionally, Sheng “Dorothy” Liu will join the Board as an independent director, replacing Mr. Chao Feng. AnPac Bio specializes in early cancer screening and detection, boasting 150 patents and top performance in multi-cancer test sample volume, according to Frost & Sullivan.
On April 1, 2022, AnPac Bio-Medical Science Co., Ltd. (ANPC) received a Nasdaq Hearing Instructions letter regarding its appeal to avoid delisting due to non-compliance with market value and equity requirements. Following a Staff Determination letter from March 24, 2022, the company failed to meet the minimum $50 million market value and $10 million in stockholders' equity. The upcoming hearing on April 28, 2022, will determine if AnPac Bio can present an adequate plan to regain compliance, temporarily halting the delisting process.
AnPac Bio (ANPC) announced on March 24, 2022, that it was notified by Nasdaq of its determination to delist the company's securities due to non-compliance with market value and stockholder equity requirements. The company failed to regain compliance with the $50 million Market Value of Listed Securities after a 180-day grace period. AnPac Bio has requested a hearing to appeal this decision and plans to transfer to the Nasdaq Capital Market. Additionally, the company continues to address deficiencies related to minimum bid price and market value of public held shares.
AnPac Bio-Medical Science Co. (ANPC) announced it received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement of $1.00 per share. Based on the closing bid prices from January 24 to March 7, 2022, the company failed to meet this requirement. AnPac has until September 5, 2022, to regain compliance by maintaining the minimum bid price for ten consecutive business days. Additionally, the company faces deficiencies in Market Value of Listed Securities and Market Value of Publicly Held Shares, with specific deadlines to resolve these issues.
AnPac Bio-Medical Science Co. (ANPC) announced the appraisal of its subsidiary, Changwei System Technology, at RMB 578 million (approximately USD $90 million). The appraisal was conducted by China Alliance Appraisal, a top-rated independent firm. Following board approval, AnPac Bio is exploring strategic alternatives for Changwei to enhance shareholder value. Changwei specializes in bio-integrated circuit chips for life sciences, and it is engaged in various innovative projects, including a new biochip for diabetes treatment. However, the company has not set a timeline for any strategic decisions.
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