AnPac Bio-Medical Science (NASDAQ: ANPC) subsidiary Changwei System Technology (Shanghai) Co. Ltd. has been evaluated and appraised by China Alliance Appraisal (Shanghai) Co. Ltd. One of the top 10 appraisers in China by revenue, China Alliance is certified and licensed by the China Appraisal Society under the Ministry of Finance. Fully owned by AnPac Bio, a biotechnology company with operations in the United States and China focused on early cancer screening and detection, Changwei is a biochip company. According to the announcement, China Alliance Appraisal’s certified written appraisal report valued Changwei at RMB 578 million (approximately $90 million). The report comes on the heels of the company’s recent approval from AnPac Bio’s board of directors to explore strategic alternatives for Changwei, including a potential strategic investment. Changwei is focused on the design, R&D and testing of novel, specialty biointegrated circuit (“IC”) chips for life science applications. The company currently develops biochips for in vitro diagnostics (“IVD”) applications; its biochip is used in Anpac Bio’s proprietary Cancer Differentiation Technology (“CDA) platform. Changwei has also begun development of a new biochip for AnPac Bio JV’s novel cancer treatment and has signed a letter of intent with a life science company to work on a new biochip for use in an automatic drug injection medical device for diabetes patients. “We are very pleased with the progress of our IC chip subsidiary, including our novel IC chip for multicancer screening and detection applications,” said AnPac Bio CEO and chair Dr. Chris Yu in the press release. “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.”
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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
NOTE TO INVESTORS: The latest news and updates relating to ANPC are available in the company’s newsroom at https://ibn.fm/ANPC
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