AnPac Bio sells cancer detection devices for $1.5 M in Malaysia

NEW YORK, March 7, 2023 /PRNewswire/ – AnPac Bio-Medical Science Co., Ltd. ("AnPac Bio" or the "Company", a company with operations in the United States and China focused on early cancer screening and detection and plans to enter into the operation of a business-to-business e-commerce food platform focused on the sale of Asian sourced food products, announced today that it has received the first payment in late February 2023 from a Malaysian customer who had signed a US$1.5 million purchase contract for AnPac Bio's Model AP9080 cancer detection devices. The Model AP9080 cancer detection device is based on Company's patented, novel multi-cancer testing technology named Cancer Differentiation Analysis Technology (CDA). As the first major sale of the Company's cancer detection device into the Southeast Asia region, this is truly a milestone for the Company. It also signifies that the Company has formally entered the global cancer detection equipment market, as well as confirmation of AnPac Bio's novel technology, reputation, and its capability to penetrate into the vast global market.      

Under the terms of the purchase contract, AnPac Bio will provide its Model AP9080 cancer detection device, maintenance services, consumables and equipment parts to the Malaysian customer. The Company will continue to receive revenues from services, consumables and equipment parts after the equipment sale. The Malaysian customer plans to set up bio-medical labs, obtain Laboratory Developed Test (LDT) certification and carry out paid cancer tests.  

The Company's CDA cancer detection technology is based on measuring biophysical properties in the blood. It has several major advantages over the traditional technologies, including its ability to detect multiple cancer types at early stage, while being cost effective, relatively simple to implement, and provides high sensitivity and specificity. According to a report by US marketing research firm Frost & Sullivan in 2021, AnPac Bio ranked number one in multi-cancer testing sample size in the world.      

Dr. Chris Yu, Co-CEO of the Company, commented: "We are very pleased with this major milestone accomplishment. It showed that in addition to China and US, our novel cancer detection technology is also being recognized in other parts of Asia, which has significant market size and needs for general population based cancer screening and risk assessment. Due to our technology's unique advantages (multi-cancer, cost effective, ability to detect early, and high sensitivity and specificity), our patented cancer detection technology is highly suited for the region. We expect significant revenue and growth potential in the region. We will also work very hard to replicate this success."

About AnPac Bio

AnPac Bio-Medical Science Co., a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of June 30, 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 CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics tests. The Company intends to enter the business-to-business e-commerce food business with the formation of its wholly-owned subsidiary Fresh2 Technology Inc and the acquisition of Fresh2 Ecommerce Inc.

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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, our ability to comply with Nasdaq Listing Rules, 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.

Source: AnPac Bio-Medical Science Co., Ltd.



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