Shares of AnPac Bio-Medical Science Co., Ltd. (Nasdaq: ANPC) skyrocketed nearly 32% by midday Friday on announcing it had received FDA approval for its Covid-19 antibody test.
The biotech firm, which has offices in China and the U.S. said in a statement today it has been “validating” the approved antibody test for commercial use in its San Jose, California lab since the second quarter.
AnPac’s Chief executive officer Chris Yu expects the potential commercialization of the antibody test to “be another major new product and service” to drive revenue growth. Validation completion is expected in the second half.
“Our CLIA and CAP-accredited clinical laboratory in the U.S. allows us to take advantage of commercial market opportunities in the U.S. by offering additional laboratory services while also continuing our research and development on our CDA technology,” he said in a statement today.
In early July, AnPac said that based on unaudited numbers for the first half that it generated revenue that was “slightly higher” versus the same period in the preceding year.
For June, it said it performed 6,500 paid tests, which is nearly 50% higher than the average of monthly paid tests in 2019.
Despite today’s surge, AnPac has struggled since making its trading debut in New York earlier this year, raising $16 million. The company is now down 39% from its IPO price of $12 per American depositary share.