NEW YORK — AnPac Bio-Medical Science said Monday it has signed an investment agreement that will raise about $3.7 million.
Under the terms of the deal expected to be completed this month, nine institutional investors agreed to buy 36.7 million Class A shares of the Shanghai-based cancer diagnostics firm at $0.10 per share. AnPac co-CEO Chris Yu said in an announcement that the investment would aid operations and research and development, including an ongoing Class III medical device trial needed to commercialize its cancer detection technology.
Earlier this month, AnPac Bio received notice from Nasdaq that it plans to delist the company's stock for failure to regain compliance with a listing requirement of a minimum $1 bid price on the company's stock. The company filed an appeal, and the exchange has granted a hearing scheduled for Oct. 20.
AnPac Bio remains listed on the Nasdaq pending a decision from the hearings panel.
The firm has been under threat of delisting this year for failing to meet other listing requirements related to the minimum market value of publicly held shares and the minimum market value of listed securities.