AnPac Bio (NASDAQ: ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, today announced that it has reached a mutual understanding with nine investors. Through a private placement, the investors will subscribe for and purchase from the company a total of 28,571,428 newly issued Class A ordinary shares at a price of US$3.5 per ADS, US$0.175 per ordinary share (1:20 ADS-to-share ratio), for a total purchase price of $5 million. Subject to customary conditions, the closing of the transaction is expected to take place within three months.
In addition, AnPac Bio announced that it has formed a wholly-owned subsidiary — Fresh2 Technology — in the State of Delaware on Oct. 4, 2022. The subsidiary is designed to establish the company’s new product line of business-to-business food trade and delivery platform for local restaurants and supermarkets, a combination of the China’s food distribution strategies and North America’s growing Asian food market. “We are dedicated to developing and producing high-performance platform and supply chain of food distribution system, for a broader client group in U.S. local markets,” said Co-CEO Haohan Xu. “The new business line will play a critical role for our North American operations of food business, spurring a new phase of growth for our company.”
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About AnPac Bio-Medical Science Co. Ltd.
AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. 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 cancer differentiation analysis (“CDA”), 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. For more information about the company, visit www.AnPacBio.com.
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