NEW YORK – AnPac Bio-Medical Science said late on Tuesday that it has priced an underwritten public offering of 1,301,928 American Depositary Shares at $2.22 per share.
Gross proceeds from the offering are estimated at approximately $2.9 million, including the full exercise of the underwriter's over-allotment option. EF Hutton is the sole bookrunning manager for the offering.
AnPac's shares on the Nasdaq were down about 23 percent at $1.89 in morning trading on Wednesday.
The company, which has its headquarters in Shanghai and Ambler, Pennsylvania, is developing a diagnostic device to differentiate 11 cancer types based on biophysical properties of blood components. In August, AnPac and Roche Pharmaceuticals China announced they would work together to combine their cancer screening, diagnostic, and treatment-guiding technologies into personalized product lines.