Capital Watch
AnPac Bio-Medical Science Co. Ltd.
Company Profile
Sector: Biotechnology
Industry: Healthcare
Sub-Industry: Cancer Screening and Detection
AnPac Bio-Medical Science Co. Ltd. is a biotechnology company focusing on early cancer screening and detection. It develops and sells a multi-cancer screening and detection test that uses its patented cancer differentiation analysis (CDA) and cancer-detection device. 
In addition to early cancer screening and detection, AnPac’s CDA technology has demonstrated potential to assist physicians in cancer diagnosis, prognosis and recurrence.
AnPac said in its prospectus filed with the U.S. Securities and Exchange Commission that it was one of the first in the world to develop technology that uses the biophysical properties of blood for the detection and measurement of cancers, citing research by independent market analyst Frost & Sullivan.
As of September 2019, AnPac said its technology detected the risks of 26 types of cancers, which accounted for more than 80% of cancers in China, with high accuracy. To carry out a test, the company said it only requires "a standard blood sample" from an individual.
The company said that, as of September 2019, its test database consisted of more than 140,000 blood samples and 35,000 clinical samples of various age, sex and disease groups. According to Frost & Sullivan, AnPac ranked first in China and second worldwide among companies offering early cancer screening and detection technologies in terms of the number of clinical samples for cancer screening and detection.
In addition, AnPac ranked first in terms of volume of commercial cancer screening and detection tests conducted in China and fifth in terms of revenue from commercial cancer screening and detection tests in 2018, according to Frost & Sullivan.
AnPac said it has been performing commercial CDA-based tests in China since 2015 and expects to commercialize its technology in the U.S. in 2020. The company had 121 patents as of September, and more than 100 patents pending in China and globally.
For the nine months through September, AnPac reported revenue of $1.1 million, up 22% year-over-year, on losses of $8.3 million. In 2018, the company made $1.4 million in revenue and had $5.9 million in losses. It had $3.4 million in cash and cash equivalents as of September 30.
Corporate Information
801 Bixing Street, Bihu County, Lishui,
Zhejiang Province 323006,
People’s Republic of China
Phone: +86-578-2051-6666
Key Executives
Dr. Chris Chang Yu, Co-founder, Chairman and CEO
Dr. Yu and his team have developed the CDA technology for cancer screening and detection. He is the principal inventor of more than 300 patent applications spanning semiconductor and life science. Dr. Yu is a member of the ASCO. Prior to founding AnPac, he co-founded Anji Microelectronics (Shanghai) Co. Ltd. in 2004, which recently completed its IPO in China’s science and technology innovation board market in July 2019. Also, Dr. Yu served as a technical director at Semiconductor Manufacturing Int’l Corp. (NYSE: SMI) from 2002 to 2004. Dr. Yu served as vice president of the research and development team of Cabot Microelectronics Corp. from 1996 to 2002. While working at Cabot, Dr. Yu took a multi-disciplinary approach to developing a new mechanism for a key integrated circuit material. Dr. Yu also worked at three U.S. Fortune 500 companies, including as a group leader in the research and development division at Rockwell Co. Ltd., as an engineer at Motorola Co. Ltd., and senior engineer at Micron Technology Co. Ltd. He has also authored more than 80 research papers, some of which are related to cancer detection. Dr. Yu received his bachelor and master’s degrees in physics from the University of Missouri, Kansas-City, in 1983 and 1984, respectively. He received his doctoral degree in physics from the Pennsylvania State University in 1990. His master’s and doctoral dissertations both addressed innovative detection techniques.
Rain Yu Zhang, CFO
Prior to AnPac, Ms. Zhang served as a general manager at Buckman Laboratories (Asia) Pte. Ltd. (Singapore) and a finance director at Buckman Laboratories Shanghai Chemicals Co. Ltd. from 2005 to 2016. She became a Chartered Global Management Accountant (CGMA) in 2016 and a Certified Public Accountant in 2002. Ms. Zhang received her bachelor’s degree in accounting from Shanghai University of Finance and Economics in 1999 and master’s degree in business administration from AnTai College of Economics & Management, Shanghai Jiao Tong University in 2015.
Investor FAQs
1. When was AnPac established?
AnPac first started its business operations in 2010. The company achieved commercialization of its CDA test and started generating revenue in 2015.
2. WWhen does AnPac's fiscal year end?
AnPac's fiscal year ends on December 31.
3.On which exchange is AnPac's stock traded and what is the ticker symbol?
AnPac expects to list on the Nasdaq Global Market as "ANPC." 
4.How many Canaan's ordinary shares does one American depositary share ("ADS") of the company represent?
Each ADS represents one Class A ordinary share.
5. How can I obtain a copy of AnPac's Annual Report?
Annual reports are available via this website. All SEC documents are also accessible online through the SEC Filings page.
6. Who is AnPac's U.S. legal counsel?
Cleary Gottlieb Steen & Hamilton LLP
7. What is AnPac's depositary bank for ADSs?
Citibank N.A.
8. Who are AnPac’s underwriters?
WestPark Capital Inc.
9. How does AnPac intend to use its proceeds from the IPO?
AnPac plans to invest the funds from the IPO for research studies in China and the United States, the development of new cancer detection tests and for marketing and sales, according to the prospectus.
Key Executives
Dr. He Yu, Co-Founder and Chief Medical Officer
Dr. Yu has served as a professor and program director of cancer epidemiology at the University of Hawaii Cancer Center and an adjunct professor at Yale School of Public Health since 2012. He was a faculty member, from assistant professor to professor, at Yale University, School of Medicine between 2001 to 2011. With training in medicine, epidemiology and clinical biochemistry, Dr. Yu conducts various laboratory-based clinical and epidemiologic investigations and has extensive experience in cancer research. He has designed and was involved in many clinical research projects that assess the molecular and genetic features of tumor specimens in relation to cancer characteristics and survival outcomes of patients with various kinds of cancers. As a principal investigator and co-investigator, Dr. Yu has developed and participated in several large population-based epidemiologic studies that investigate gene-environment interactions in breast, endometrial, liver and pancreatic cancers. Biomarkers under his investigation include genetic polymorphisms in DNA repair genes, DNA methylation and methylator phenotype in tumor suppressor genes and detoxification genes, protein markers, peptide growth factors and various non-coding transcripts. Dr. Yu received his bachelor’s degree in medicine from Shanghai First Medical College in 1983. He also received a Master of Science in epidemiology and a Ph.D. in clinical biochemistry from University of Toronto in 1990 and 1996, respectively.
Xuedong Du, VP and Head of R&D
Prior to AnPac, Mr. Du served as an engineer, senior engineer, chief engineer and manager at SMIC International IC Manufacturing (Shanghai) Co. Ltd. from 2001 to 2010. He has extensive experience in product innovation and research and development. He has participated in more than ten provincial talent projects in relation to municipal science and technology. He is the first or principal inventor of more than 100 Chinese and international patent applications (primarily on medical devices), among which over 30 patents have been granted. He has published approximately 20 papers in professional journals and academic conferences. Mr. Du received his bachelor’s degree in physical electronics technology from Fudan University in 2001 and his master’s degree in electronics and communications engineering from Fudan University in 2009.
IR Contacts
In the United States:
Selina Cheng, CFA
Head of Investor Relations