The New CEO of ABVC BioPharma Takes Steps to Help Improve Cash Efficiency
FREMONT, CA, July 06, 2023 (GLOBE NEWSWIRE) -- 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
"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 Masterson
Email: tmasterson@allelecomms.com
