China’s AnPac Bio-Medical Science raises over $16m in Nasdaq IPO

AnPac Bio-Medical Science, a Chinese provider of multi-cancer screening tests, has raised over $16 million in an initial public offering (IPO) on the Nasdaq on Thursday.

The company sold more than 1.33 million American depositary shares (ADSs) at $12 per share, the low end of the proposed range of $12 to $14. It granted the underwriters a 30-day option to purchase up to 200,004 additional ADSs at the IPO price less underwriting discounts. The total capital raised will increase to about $18.46 million if the overallotment option is exercised.

Dual-headquartered in Zhejiang, China and San Jose, the United States, AnPac Bio-Medical Science operates as a biotech company specialized in early cancer screening and detection. The company offers a multi-cancer test that uses its patented cancer differentiation analysis (CDA) technology and proprietary device to assist physicians in cancer screening, detection, diagnosis, prognosis, and recurrence.

The company claims that its CDA technology is able to perform risk assessment of the occurrence of 26 cancer types – which accounted for over 80 per cent of the cancer incidences in China from 2013 to 2018 – “with high sensitivity and specificity rates,” according to Frost & Sullivan cited in its prospectus.

AnPac Bio-Medical Science has two clinical laboratories and one R&D centre in China. The company owns a clinical laboratory in the United States to develop next-generation cancer screening and detection technology and tests. It obtained a Certificate of Registration under the U.S. Clinical Laboratory Improvement Amendments of 1988, or CLIA, in March 2019.

Since it performed its first commercial CDA-based test in China, the company has generated revenue in the country for four consecutive years. Its total revenues increased by 22.3 per cent from 6.6 million yuan in nine months ended September 30, 2018 to 8.1 million yuan ($1.1 million) in the same period of 2019, according to the prospectus.

In the United States, the firm plans to commence marketing its CDA-based test as a laboratory-developed test, or LDT, sometime in 2020 through the CLIA-registered laboratory in San Jose.

The firm lists shares on the Nasdaq Global Market under the symbol “ANPC.” U.S. investment banking and securities brokerage companies WestPark Capital and Univest Securities acted as the joint bookrunners of the offering and the representatives of the underwriters.

Its Chinese division closed about 100 million yuan ($14 million) in a Series B round of financing from investors in China and worldwide in August 2017, according to a statement on the company website.

Singapore Reporter/s

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.