AnPac Bio-Medical Science (NASDAQ: ANPC), a biotechnology company focused on early cancer screening and detection with operations in the United States and China, has named a new CEO. Dr. Ai-dong Chen will be taking over the helm, replacing Dr. Chris Yu, AnPac founder, who resigned as board director, CEO and board chair. Chen was also appointed board director and chair of the company’s board of directors. A practicing physician and researcher for more than a decade, Chen has gathered more than 20 global patents and published more than 90 papers during his career. Yu will remain as head of China operations for AnPac and focus on the company’s growing business in that country. The company also announced that Sheng “Dorothy” Liu will also be joining the board of directors, replacing Chao Feng. Liu serves as CEO of Zhongjintai Venture Capital (Shenzhen) Co. Ltd., a venture capital firm in Shenzhen. In her board role, Liu will be an independent director and will serve as a member of the Compensation Committee and chair of the Nominating Committee.
In addition, AnPac has entered into a $15 million legally binding equity investment. According to the announcement, the transaction will take place in five installments over the next 30 months, with the new investor investing $3 million each time. The first investment, expected for this month, will be in the form of private equity investment, with a $0.414 per share purchase price. ”This long-term equity investment is significant and important to the growth of our company,” said AnPac Bio-Medical Sciences CEO and board chair Dr. Ai-dong Chen in the press release. “It also shows investors’ confidence in the prospects of our company and its leading-edge technology. We have a very strong innovation track record, significant intellectual property, including over 260 filed patent applications and 150 issued patents, the world’s largest cancer detection data base and sample size (in new generation cancer detection technology space) according to Frost & Sullivan, and a leading edge, novel cancer detection technology which is already saving lives on the weekly basis.”
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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 150 issued patents as of Sept. 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 Cancer Differentiation Analysis (“CDA”), biochemical, immunological and genomics tests. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multicancer screening and detection test sample volume, accumulative to January 2021. AnPac Bio’s CDA technology platform has been shown in retrospective validation studies to detect the risk of more than 20 different cancer types with high sensitivity and specificity. For more information about the company, visit www.AnPacBio.com
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