ABVC BioPharma Announces Closing on $1.75 Million Registered Direct Offering
31 Julho 2023 - 10:30AM
via NewMediaWire -- ABVC BioPharma, Inc. (NASDAQ: ABVC)
("Company"), a clinical-stage biopharmaceutical company developing
therapeutic solutions in ophthalmology, neurology, and
oncology/hematology, today announced it has closed on a definitive
securities purchase agreement with a single institutional investor,
acquiring $1.75 million worth of its common stock in a registered
direct offering (the “Offering”).
Under the terms of the securities purchase agreement, the
Company agreed to sell an aggregate of 500,000 shares of common
stock and/or pre-funded warrants in a registered direct offering.
The purchase price per share of common stock is $3.50, and the
purchase price for the pre-funded warrants is identical to the
purchase price for a share of common stock, less the exercise price
of $0.01 per share.
Wilmington Capital Securities, LLC acted as the exclusive
placement agent for the Offering.
Gross proceeds to the Company from the Offering are estimated to
be approximately $1.75 million before deducting the placement
agent's fees and other offering expenses payable by the Company.
The Company will use the net proceeds from the Offering on research
and development of their programs, working capital, and other
general corporate purposes, which may include the repayment of
outstanding debt.
The Offering of the shares of common stock and pre-funded
warrants described above was made by the Company pursuant to a
"shelf" registration statement on Form S-3 (File No. 333- 260588)
initially filed with the Securities and Exchange Commission ("SEC")
on October 29, 2021, and declared effective by the SEC on November
29, 2021, and the accompanying prospectus contained therein.
The Offering is only made by employing a prospectus supplement
and accompanying prospectus. A prospectus supplement describing the
terms of the Offering was filed with the SEC and is part of the
effective registration statement. Copies of the prospectus
supplement relating to the registered direct offering, together
with the accompanying prospectus, can be obtained at the SEC's
website at www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful before registration or
qualification under the securities laws of any such state or
jurisdiction.
We believe the Company's pipeline products have great market
potential. 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.1 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.2 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.3
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, the
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.
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https://www.futuremarketinsights.com/reports/major-depressive-disorder-treatment-market#:~:text=The%...
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https://www.prnewswire.com/news-releases/global-attention-deficit-hyperactivity-disorder-adhd-market…
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https://www.ihealthcareanalyst.com/technological-advancement-ophthalmic-surgery-retinal-surgery-devi...
Contact:Tom MastersonEmail: tmasterson@allelecomms.com
ABVC BioPharma (NASDAQ:ABVC)
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