AnPac Bio-Medical Science Co. Ltd. (Nasdaq: ANPC) saw its shares trade 11% up Friday afternoon, at $7.59 per American depositary share, on news that it has prolonged its partnership with Beijing Yuan Jian Health Management Co. Ltd.
AnPac, which makes cancer screening technology, said it has landed a three-year $3 million collaboration contract with the Beijing health management firm. Under the agreement, AnPac will provide Yuan Jian at least 76,000 paid cancer screening tests
Yuan Jian has worked with AnPac for the past two years, but on lower supply terms, according to the statement.
AnPac’s chief executive, Chris Yu, said in the statement, “Our novel cancer screening technology and tests are receiving increasing acceptance from the healthcare market. Due to our CDA tests’ outstanding performance and competitive costs, we expect to see significant continued market opportunities and growth potential in China.”
With operations in both China and the United States, AnPac develops a cancer detection and screening test based on the biophysical properties of blood. In February, the company announced it was researching into the use of its cancer differentiation analysis (CDA) technology to detect the risk of Covid-19.
Yu also said, “We are pushing ahead with our commercialization plan of CDA cancer screening tests in the US, with on-going commercialization efforts at our San Jose lab and opening of our second lab at Philadelphia.”
Despite today's gains, ANPC shares are trading at 38% below its IPO price of late January.