On April 11, 2022 AnPac Bio-Medical Science Co., Ltd. ("AnPac Bio," the "Company" or "we") (ANPC), a biotechnology company with operations in the United States and China focused on early cancer screening and detection, reported that on April 4, 2022, the Company and Hunan Weitou Technology Co., Ltd. ("new investor") have signed a legally binding equity investment totaling $15 Million which will be invested in five installments over the next 30 months (Press release, Anpac Bio, APR 11, 2022, View Source [SID1234612051]).

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Under the terms of the agreement, the new investor will invest $3 Million at the beginning of every 6 months. The first $3 Million, which is in the form of private equity investment, has a purchase price at $0.414 per share. It is expected that the first investment installment will be completed in April 2022.

Dr. Ai-Dong Chen, Chairman of the board and CEO of the Company, commented: "This long term equity investment is significant and important to the growth of our company. It also shows investors’ confidence in the prospects of our company and its leading-edge technology. We have a very strong innovation track record, significant intellectual property, including over 260 filed patent applications and 150 issued patents, the world’s largest cancer detection data base and sample size (in new generation cancer detection technology space) according to Frost & Sullivan, and a leading edge, novel cancer detection technology which is already saving lives on the weekly basis."