On October 7, 2020 AnPac Bio-Medical Science Co., Ltd. ("AnPac Bio," the "Company" or "we") (NASDAQ: ANPC), a biotechnology company with operations in China and the United States, reported that in recognition of its successes in leading edge life science innovations and advancements and in support of its R&D and product commercialization efforts, AnPac Bio has obtained three grants and one rental award from various local authorities in China with a portion of the funding subject to milestone achievements (Press release, Anpac Bio, OCT 7, 2020, View Source [SID1234568196]). In total, these grants and award reached approximately US$8 million. Grant and award payments or benefits are expected to be received over a few years starting from this quarter and will help AnPac Bio fund R&D and new product commercialization.

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Dr. Chris Yu, AnPac Bio’s Chairman and CEO commented: "We are pleased and thankful for the grant and award recognitions. We believe that we are well positioned to successfully execute our goals this year and in 2021, during which we will accelerate our R&D, cancer detection product commercialization in China (class III medical device) and US (Laboratory Developed Tests (LDT)), and increase our revenue."