NEW YORK – AnPac Bio-Medical Science said on Thursday that it has signed an agreement with Keystone Capital Partners for a preferred stock investment for an aggregate purchase price of $7 million.
The Shanghai-based firm will use the funding to advance its Cancer Differentiation Analysis (CDA) technology to provide cost-effective, early detection screening and testing of 26 cancers.
According to a prospectus summary filed with the US Securities and Exchange Commission, AnPac will offer 700,000 shares at a price of $10.00 per share to Keystone.
AnPac also noted that the investment will provide it with additional access to growth capital to expand its operations in China and continue commercialization efforts in the US.
The prospectus summary also noted that AnPac's proprietary CDA device uses an integrated sensor system to detect biophysical signals in blood samples. After collecting data on the signals, the firm uses its CDA technology and proprietary algorithm to measure and analyze the signals at multiple biological levels, including, protein, cellular, and molecular signals using multiple parameters.
The firm also said it offers biochemical, immunological, and genomic tests out of its CLIA-certified, CAP-accredited labs in the US and China.