Biotech Company in Lower Gwynedd Prescribes New, Streamlined Corporate Structure for C-Suite

stone building with sign
Image via John George at the Philadelphia Business Journal.
AnPaC Bio-Medical Science.

AnPaC Bio-Medical Science has gotten shareholder approval to consolidate its c-suite. The change for the international biotech developer of cancer screening and detection technologies will affect its operations in China, as well as its U.S. operations, headquartered in Lower Gwynedd. John George covered the executive reduction in the Philadelphia Business Journal.

The reconfiguration is being driven by shareholder approval of a resolution meant to shake up and streamline senior management.

Gone are Dr. Aidong Chen and Sheng Liu as directors.

In addition, Chen is no longer co-chairman or co-CEO. His removal, approved by 69 percent of shareholders, leaves Dr. Chris Chang Yu as AnPac’s sole chairman and CEO.

In 2021, AnPac Bio posted revenue of $2.3 million and a net loss of $18.8 million. Its 2020 performance was even more dire: $20.5 million in revenue against a net loss of $80.6 million.

The company explained the tumble as related to a COVID-19 decline in use of its cancer screening tests in China.

AnPac Bio began operations in 2010 and opened its Lower Gwynedd site in 2020. Of the company’s 89 employees, seven are in Montgomery County.

More on this corporate structural shave is at the Philadelphia Business Journal.