AnPac Bio Launches Novel Cancer Treatment Technology and Product Joint Venture - Utilizing Findings from 10 Years of Early-Stage Cancer Detection Work Involving over 222,200 Sample Database

SAN JOSE, Calif., May 25, 2021 (GLOBE NEWSWIRE) -- AnPac Bio-Medical Science Co., Ltd. (ANPC) (“AnPac Bio,” the “Company” or “we”), a biotechnology company with operations in China and the United States focused on early cancer screening and detection, announced today that on May 17, 2021, its board of directors approved the Company to establish a joint venture (the “Joint Venture”) together with its founder and chairman, Dr. Chris Chang Yu, and certain other individuals to develop a new cancer treatment technology and associated products. AnPac Bio will contribute two filed patent applications in the space of cancer treatment to the Joint Venture, and shareholding percentages of AnPac Bio and other shareholders in the Joint Venture will be determined based on the value of the patent applications assessed by an independent appraisal firm, as well as other commercial factors.

The new cancer treatment technology to be developed by the Joint Venture is expected to be based on AnPac Bio’s important findings in the past 10 years of extensive early-stage cancer detection work involving over 222,200 samples (including commercial CDA-based tests and CDA-based tests for research purpose), as well as based on correlations between changes in biophysical properties in the micro-environment (such as blood) and cancer occurrence observed by multiple research groups including AnPac Bio. This novel technology is expected to utilize key treatment modules fabricated by integrated circuit (IC) technology in conjunction with certain reagents, to target biophysical properties exhibiting abnormal ranges within pre-cancer and cancer populations. The aim of the technology is to prevent disease progression for both pre-cancer and cancer patients. Laboratory tests on this technology are expected to begin in the third quarter of 2021. Additionally, a class III medical device registration application to Chinese National Medical Products Administration (NMPA) is planned for Q3, 2022.

Dr. Chris Yu, Chairman and CEO of AnPac Bio commented: "We are very pleased to have launched this very meaningful and important project with a lot of momentum. This cancer treatment technology is novel, and this investment gives AnPac Bio significant advantages in terms of technology extendibility, cost control, customer sharing and business synergy."

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 142 issued patents as of March 31, 2021. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory and one CLIA registered 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. According to Frost & Sullivan, AnPac Bio ranked third worldwide among companies offering next-generation early cancer screening and detection technologies in terms of the number of clinical samples for cancer screening and detection, based on approximately 41,700 clinical samples as of December 31, 2020. 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, please visit: https://www.Anpacbio.com.

For investor and media inquiries, please contact:

Company:Phil Case, Marketing and Investor RelationsPhone: +1-267-810-6776 (US)Email: [email protected]

Investor Relations:Ascent Investor Relations LLCTina Xiao, PresidentPhone: +1-917-609-0333 (US)Email: [email protected]   

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, 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.

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