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ABVC Biopharma Announces Letter to Shareholders
FREMONT, CA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (Nasdaq: ABVC), a clinical stage biopharmaceutical company developing
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (Nasdaq: ABVC), a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, today announced a letter to shareholders. Dear Shareholders, I would like to take this opportunity to review the progress the company has made over the past several years and lay out our goals for the remainder of 2022 and 2023. When Dr. Jiang created what is now ABVC BioPharma in 2016, he had a vision to deliver promising botanical medicines developed in the Asia Pacific region to patients in the West. Since that time, we have executed his plan and developed a broad and diverse pipeline of medicines that address some of the most difficult diseases known to mankind, including cancer and depression. This has been accomplished by teaming up with such companies as Rgene, BioLite (Japan), BioFirst, as well as BioKey, our acquisition in California. Each of these partnerships has been essential in spurring the growth of the ABVC pipeline. In addition, our small scientific team has been supplemented by our relationships with such prominent researchers as Dr. Fava of Harvard Medical as well as our principal investigators at the University of California San Francisco, Cedars Sinai Hospital in Los Angeles, the Australian Eye Hospital in Sydney and the Stanford University Medical Center in Palo Alto, California. Our business model requires that we guide each of our medicines and medical devices through Phase II clinical trials in accordance with the US FDA requirements. The FDA requirements make this a time-consuming and arduous process, and history has shown that more than 85% of the drugs engaged in such trials fail to achieve a successful outcome. A biotech industry lobby group, BIO, along with analysts at BioMedTracker and Amplion, analyzed 7,455 drug development programs that moved through clinical trials between 2006 and 2015. They found that the probability of success was 63% in Phase I trials, 31% in Phase II trials, 58% in Phase III trials and 85% during the regulatory review process, for an overall success rate of 9.6% (63% × 31% × 58% × 85% = 9.6%). So, only 1 out of 10 drug candidates successfully passes clinical trial testing and regulatory approval. A closer look at the data identifies four possible r...