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Chinese Cancer Detection Firm Anpac Bio-Medical Files for $21.7M US IPO

NEW YORK — Anpac Bio-Medical Science on Thursday filed with the US Securities and Exchange Commission for a $21.7 million initial public offering on the Nasdaq.

WestPark Capital is acting as the offering's sole bookrunner. The firm has not priced its shares or said how many shares it plans to offer yet. It said that it plans to trade its shares on the Nasdaq Global Market under ticker symbol "ANPC".

Shanghai, China-based Anpac currently offers a test in China for detecting the risk of 26 cancer types using the firm's so-called cancer differentiation analysis (CDA) technology, which analyzes protein, cellular, and molecular signals using multiple parameters. The method is focused on biophysical properties in human blood, including acoustical, electrical, magnetic, nanomechanical, and optical properties. Studies, the company said, have demonstrated an association between these biophysical properties and cancer.

It also offers tests combining its CDA technology with other screening and detection technologies, including biomarker-based tests. Anpac noted in its SEC document that its tests are for the detection and risk assessment of cancer, not for diagnosis. 

Anpac also operates a CLIA lab in San Jose, California and is planning a second lab in Philadelphia next year, it said in its SEC document. It has research agreements with multiple US universities and academic medical centers.

Anpac posted revenues of $1.4 million for 2018, and generated $1.1 million in revenues for the first nine months of this year. Its 2018 net loss was $5.9 million, with R&D spending totalling $1.4 million and SG&A costs of $5.4 million. As of the end of September, the company had cash and cash equivalents of $3.4 million.

The company said it intends to use the proceeds of the IPO for research studies in the US and China, as well as the development of new cancer detection tests and technologies. It also intends to expand its sales and marketing channels in China and lab expansion in the US.