SAN JOSE, Calif., Nov. 02, 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 the Company’s investee company in China, Jiangsu AnPac Health Management Co., Ltd. (“Jiangsu AnPac”) (in which Jiangsu AnPac and AnPac Bio are a Joint Venture with the Company owning 15% equity interest), qualified for COVID-19 nucleic acid tests in the first half of 2020 and received certification from the regulatory authority on October 17, 2020 for COVID-19 nucleic acid tests in Jiangsu AnPac’s medical lab in the City of WuXi, Jiangsu Province, China. Jiangsu AnPac has begun to receive samples for paid COVID-19 nucleic acid tests. Recently, AnPac Bio and Jiangsu AnPac have signed an agreement to develop and qualify new COVID-19 test technologies and products, and carry out evaluations at Jiangsu AnPac’s medical lab.
With global COVID-19 cases still rising and its possibility of reoccurrence, COVID-19 tests will likely become widely needed, long term critical tests.
In addition to novel cancer screening technology, products and services, AnPac Bio also has and active COVID-19 test products, services and commercialization program in both US and China including a key patent application filed this year, with Company’s San Jose lab commercializing a COVID-19 antibody test in this quarter, and on-going active COVID-19 test development and evaluation program at COVID-19 nucleic acid test certified Jiangsu AnPac medical lab.
AnPac Bio’s CEO, Dr. Chris Yu, commented, “In addition to a successful launch of our immunology test product in the first half year, the qualification and commercialization of COVID-19 tests is another major achievement for AnPac Bio this year. With the addition of above mentioned new products and services, and our novel, biophysics based cancer differentiation analysis (CDA) cancer screening tests, AnPac Bio is poised to offer our customers and market a much broader set of products and services and will contribute to our revenue growth significantly in the next few years”.
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 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 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.