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ABVC BioPharma Regains Compliance With Nasdaq's Minimum Bid Price Requirement
FREMONT, CA, Aug. 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA, Aug. 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (NASDAQ: ABVC) (\"Company\"), a clinical-stage biopharmaceutical company developing therapeutic solutions in ophthalmology, neurology, and oncology/hematology, announced today that on August 08, 2023, it received a letter from the Nasdaq Listing Qualifications Department notifying the Company that it had regained compliance with the minimum bid price requirement. On August 19, 2022, the Company received a notification that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days, as required by Nasdaq Listing Rules of The Nasdaq Stock Market. The closing bid price of the Company's common stock was at $1.00 per share or greater from July 25 to August 7, 2023. Accordingly, the Company has regained compliance with Nasdaq Capital Market Minimum Bid Price Requirement per Listing Rule 5550(a)(2) and this matter is now closed. About ABVC BioPharma & Its Industry 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. 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 Forward-Looking Statements This press release contains \"forward-looking statements.\" Such statem...