ABVC BioPharma provides corporate update, letter to shareholders

ABVC BioPharma published a Corporate Update and Letter to Shareholders from recently appointed Chief Executive Officer, Dr. Uttam Patil. “As we move into the second half of 2023, I am delighted to speak about ABVC‘s recent developments and plans. Over the past few months, ABVC has undergone a significant transformation… Ophthalmology. Vitargus, a vitreous substitute, is a groundbreaking, advanced-staged R&D product that we believe will be the first biodegradable hydrogel product used in retinal detachment surgery. Vitargus has completed the feasibility study in Australia and was approved by the Australian Therapeutic Goods Administration to initiate the next phase of the trial in two participating sites… Neurology. The MDD Phase II trials for ABV-1504 were completed successfully with good tolerance to the drug and no serious adverse effects were reported. The product is ready for an End-of-Phase II meeting with the FDA to finalize the protocol for Phase III trials…. Oncology/Hematology. The United States Food & Drug Administration approved the Investigational New Drug application for the proposed clinical investigation of BLEX 404, the primary active ingredient in ABV-1519, for advanced inoperable or metastatic EGFR-mutated non-small cell lung cancer…. CDMO… BioKey has entered the second year of the distribution agreement with Define Biotech Co. Ltd. BioKey is currently set to produce an additional $1 million worth of products for the global market. We continue to work on distribution for the US and Canadian markets with Shogun Maitake… Strategic Investments. ABVC contemplates a planned acquisition of real estate assets via an equity transfer, estimated at $7.4 million, all to advance the development of a large-scale health and wellness base in Chengdu, China, through a proposed partnership with Zhonghui United Technology Group Co., Ltd. and its affiliated enterprises… Advancement. So far, our portfolio of diverse product pipelines and resilient business models have laid a strong foundation for us to enter a new chapter of growth. Thanks to our team’s constant dedication and unwavering commitment, we are working hard to enter new markets, grow our revenue streams, and deliver long-term value for our shareholders. I am proud to provide this summary of our accomplishments to date, and I am confident we will have more exciting news to share at the end of 2023.”