AnPac Bio’s Bio-Chip Subsidiary, Changwei System Technology Co., Ltd., Receives Independent Valuation and Approval from the Board to Explore Strategic Alternatives

PHILADELPHIA, March 03, 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 today that its fully owned biochip subsidiary, Changwei System Technology (Shanghai) Co., Ltd. (“Changwei”), was recently evaluated and appraised by China Alliance Appraisal (Shanghai) Co. Ltd., an independent company that is certified and licensed by the China Appraisal Society under the Ministry of Finance and is one of the top 10 appraisers in China by revenue. China Alliance Appraisal, Co., Ltd. provided a certified written appraisal report which valued Changwei at RMB 578 million (approximately USD $90 million based on the current exchange rate).  An appraisal is an opinion about the approximate value of a company and is not a guarantee that any transaction may be completed based on that appraised value or at all. The appraisal was performed following the recent approval from the board of directors of AnPac Bio to explore strategic alternatives for Changwei, including a potential strategic investment, to maximize shareholder value for the Company.

Changwei was founded in 2011 and has since focused on the design, R&D, and testing of novel, specialty bio-integrated circuit (IC) chips for life science applications. The team consists of a group of IC experts and engineers from IC and IC packaging companies such as Micron Technologies, Motorola, Semiconductor Manufacturing International Corporation, and Amkor.   Changwei is currently developing biochips for in vitro diagnostics (IVD) applications and the biochip currently used in Anpac Bio’s Cancer Differentiation Technology (CDA) platform for cancer screening and detection, which has already been commercialized and is in volume production.  In addition, in 2021, Changwei began development of a new biochip for AnPac Bio JV’s novel cancer treatment. Recently, Changwei signed a letter of intent with a life science company, under which Changwei will work on a new biochip for an automatic drug injection medical device for diabetes patients. 

Dr. Chris Yu, CEO and Chairman of AnPac Bio commented: “We are very pleased with the progress of our IC chip subsidiary, including our novel IC chip for multi-cancer screening and detection applications. In addition to helping AnPac Bio in cancer screening, Changwei’s talent, IP, knowledge and experience may also be of benefit to life science companies to develop new and novel products involving Changwei-designed biochips.”    

There can be no assurance that the strategic review process will result in any strategic alternative, or any assurance as to its outcome or timing. AnPac Bio has not set a timetable for completion of the review process and does not intend to disclose developments related to the process unless and until the Board otherwise determines that further disclosure is appropriate or required.

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 150 issued patents as of September 30, 2021. 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. 

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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; the development of our Changwei’s business and related ongoing valuation of Changwei; our ability to structure transactions on terms that are advantageous to our company our at all; 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.