Chinese Dx Firm AnPac Bio-Medical Expects to Raise $16M in U

AnPac Bio-Medical Science said on Thursday that it has priced its initial public offering of roughly 1.3 million American depositary shares (ADS) at $12 apiece, for total proceeds of around $16.0 million.
 
Each ADS represents one Class A ordinary share of AnPac.
 
The company, which floated the ADS on the Nasdaq Global Market, said that it has also granted the underwriters of the offering an option to purchase an additional 200,004 ADS to cover overallotments. WestPark Capital and Univest Securities are acting as joint bookrunners of the IPO and as the representatives of the underwriters.
 
During afternoon trading, shares of AnPac were down $.20 at $11.80.
 
Shanghai, China-based AnPac currently offers a test in China for detecting the risk of 26 cancer types using the firm's so-called cancer differentiation analysis technology, which analyzes protein, cellular, and molecular signals using multiple parameters. The method is focused on biophysical properties in human blood, including acoustical, electrical, magnetic, nanomechanical, and optical properties.
 
The company said it also offers biochemical, immunological, and genomics tests, and operates two CLIA labs in China and one in the US.