AnPac Bio (NASDAQ: ANPC) is a company with operations in the United States and China focused on early cancer screening and detection with plans to enter into the operation of a business-to-business e-commerce food platform focused on the sale of Asian-sourced food products. The company today announced its entry into definitive investment agreements with certain accredited investors in a private placement transaction. Under the terms, the investors agreed to subscribe for and purchase, and the company agreed to issue and sell an aggregate of 16,666,665 newly issued Class A ordinary shares of the company, at a price of US$0.30 per ordinary share, or US$6.00 per ADS (1:20 ADS-to-share ratio), for an aggregate purchase price of US$5 million. Subject to customary conditions, the closing of the sale of the securities is expected to occur in late March. The company expects to use the proceeds for working capital and the expansion of its Asian food e-commerce business in the U.S.
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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 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 sector with the formation of its wholly owned subsidiary Fresh2 Technology Inc. and the acquisition of Fresh2 Ecommerce Inc. For more information, visit www.AnPacBio.com.
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