The New CEO of ABVC BioPharma Takes Steps to Help Improve Cash Efficiency
06 Julho 2023 - 9:30AM
via NewMediaWire - ABVC BioPharma, Inc. (NASDAQ: ABVC)
("Company"), a clinical-stage biopharmaceutical company developing
therapeutic solutions in oncology/hematology, CNS, and
ophthalmology, today announced the visionary new CEO of ABVC has
selflessly chosen to forgo a salary, instead opting for stock
options as a pivotal component of his compensation package.
Uttam Patil, Ph.D., Chief Executive Officer of ABVC, expressed
great confidence in the Company's diverse product pipeline, which
spans multiple subsidiaries. Dr. Patil believes ABVC's products
will be commercialized and achieve profitability. Additionally, Dr.
Patil has taken more of a Company-forward approach toward his
compensation, stating, "I will not claim a salary, but will
continue to own stock options with the ideology of funneling every
bit of profit back into the growth of the business." This strategic
decision fosters a sense of ownership, enables capital to be
focused on clinical programs, and enhances equity within the
Company. As ABVC looks towards the future, "Investors need to have
comfort that Dr. Patil is going to be dialed in as the new CEO of
ABVC for the better part of the next decade," agreed ABVC's Board
of Directors. The board understands Dr. Patil's foresight about the
Company's potential, with a steadfast commitment to reinvesting
profits for business expansion. It makes ABVC well-positioned to
achieve sustained growth and drive value for its stakeholders.
ABVC's current pipeline includes a completed Phase II study for a
product aimed at major depressive disorder (MDD) and discussions
with the FDA regarding moving forward with the Phase III study. We
are also advancing on a Phase IIb study in Attention Deficit
Hyperactivity Disorder (ADHD), ongoing at the University of
California at San Francisco (UCSF) and the additional five sites in
Taiwan. ABVC plans to accomplish these two tasks by the end of
2023. An evaluation is underway regarding reinstating the
Vitargus trials and proceeding with the pivotal trials worldwide.
Furthermore, BLEX 404, an oncology product for treating Non-Small
Cell Lung Cancer (NSCLC) and other cancer types based on
combination therapy, has passed the IND approvals from US FDA and
is in review at the Taiwan FDA to kick-start the trials. As
per the Future Market Insights report, the MDD market was valued at
$11.51 billion in 2022 and is expected to reach $14.96 billion by
2032 with a CAGR of 2.8% over the forecast period. According to the
Polaris market research report, the global ADHD treatment market
was valued at $16.13 billion in 2022 and is expected to reach
$32.14 billion by 2030 with a CAGR of 7.1% over the forecast
period. According to iHealthcare Analyst, Inc., the global market
for retinal surgery devices is expected to reach $3.7 billion by
2027, driven by the rising geriatric population worldwide. "We are
also continuing our advancement of botanical-based therapies and
novel medical devices designed to address large patient populations
suffering from various diseases globally," said Dr. Patil.
About ABVC BioPharma ABVC BioPharma is a clinical-stage
biopharmaceutical company with an active pipeline of six drugs and
one medical device (ABV-1701/Vitargus®) under development. For its
drug products, the Company utilizes in-licensed technology from its
network of world-renowned research institutions to conduct
proof-of-concept trials through Phase II of clinical development.
The Company's network of research institutions includes Stanford
University, University of California at San Francisco, and
Cedars-Sinai Medical Center. For Vitargus®, the Company intends to
conduct global clinical trials through Phase III.
Forward-Looking Statements This press release contains
"forward-looking statements." Such statements may be preceded by
the words "intends," "may," "will," "plans," "expects,"
"anticipates," "projects," "predicts," "estimates," "aims,"
"believes," "hopes," "potential," or similar words. Forward-looking
statements are not guarantees of future performance, are based on
certain assumptions, and are subject to various known and unknown
risks and uncertainties, many of which are beyond the Company's
control, and cannot be predicted or quantified, and, consequently,
actual results may differ materially from those expressed or
implied by such forward-looking statements. None of the outcomes
expressed herein are guaranteed. Such risks and uncertainties
include, without limitation, risks and uncertainties associated
with (i) our inability to manufacture our product candidates on a
commercial scale on our own, or in collaboration with third
parties; (ii) difficulties in obtaining financing on commercially
reasonable terms; (iii) changes in the size and nature of our
competition; (iv) loss of one or more key executives or scientists;
and (v) difficulties in securing regulatory approval to proceed to
the next level of the clinical trials or to market our product
candidates. More detailed information about the Company and the
risk factors that may affect the realization of forward-looking
statements is set forth in the Company's filings with the
Securities and Exchange Commission (SEC), including the Company's
Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
Investors are urged to read these documents free of charge on the
SEC's website at http://www.sec.gov. The Company assumes no
obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or
otherwise.
Contact:Tom MastersonEmail: tmasterson@allelecomms.com
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