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ABVC BioPharma Receives Registration Approval for Maitake Mushroom Dietary Supplement by the Taiwan Ministry of Health and Welfare
FREMONT, Calif., March 14, 2023 /PRNewswire/ -- ABVC Biopharma, Inc. ("ABVC" or the "Company") (NASDAQ: ABVC), a clinical stage biopharmaceutical company
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, Calif., March 14, 2023 /PRNewswire/ -- ABVC Biopharma, Inc. (\"ABVC\" or the \"Company\") (NASDAQ: ABVC), a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, today announced that BioKey, a wholly-owned subsidiary of the Company based in Fremont, California, received an approval of Maitake Mushroom Dietary Supplement Tablet from Taiwan Ministry of Health and Welfare (MHW) on February 6, 2023. This approval served as an Import License (IL) for the shipment of Maitake Mushroom Tablets which have been developed and manufactured by BioKey for commercial sales in Taiwan under the brand name \"DFN.\" BioKey is currently producing dietary supplements derived from the Maitake Mushroom in tablet and liquid forms.\n\n \n \n \n \n \n \n\n \nTaiwan Ministry of Health & Welfare approves Maitake Mushroom Dietary Supplement Tablets from ABVC BioPharma subsidiary.The Company has entered into a three-year distribution agreement with Define Biotech Co. Ltd., whereas Define Biotech is granted exclusive rights to distribute DFN in China and Taiwan in exchange for $3.0 million worth of new product orders over the three-year period. Shipment of the first bulk lot of Maitake Mushroom Tablets to Define Biotech is in progress for the commercial launch in Taiwan. Define Biotech is a Taiwan-based pharmaceutical marketing company that focuses on sales of drugs, dietary supplements, and medical products in the Asia-Pacific region.\nBioKey will manufacture the supplements in a humid, temperature-controlled environment free of pesticides and chemicals at its cGMP Manufacturing facility in Fremont, California. Although many mushroom-based supplements are currently available, BioKey believes its manufacturing process provides a significant competitive advantage based on quality, consistency, and its formulation process.\n\"We are pleased to receive the registrational approval of our Maitake Mushroom Tablets \"DFN\" from Taiwan MHW,\" said Dr. Howard Doong, Chief Executive Officer of ABVC BioPharma. \"Based on the distribution agreement with Define Biotech for the commitment to purchase $3.0 million worth of the new product over the three-year period, we expect our subsidiary in California to achieve financial profitability in 2023.\"\nThe global dietary supplements market size was v...