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ABVC BioPharma Reports Annual 2023 Financials and Provides Fiscal Year 2024 First Quarter Business Update
FREMONT CA - (NewMediaWire) - March 14, 2024 - ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a biotechnology company specializing in botanically based
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"\n \nFREMONT CA - (NewMediaWire) - March 14, 2024 - ABVC BioPharma, Inc. (NASDAQ: ABVC) (\"Company\"), a biotechnology company specializing in botanically based solutions that deliver high efficacy and low toxicity to improve health outcomes, announced its 2023 annual financial and operating results. These results, including the financial statements included herein, can be found in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2024.\n \n2023 Annual Financial Results\n \nAll comparisons are made on a year-over-year basis.\n \nLicensing Deal:\n \nOn November 12, 2023, the Company and one of its subsidiaries, BioLite, Inc. (\"BioLite\"), each entered into a multi-year, global licensing agreement (the \"AIBL Agreement\") with AiBtl BioPharma Inc. (\"AIBL\") for the Company and BioLite's CNS drugs with the indications of MDD (Major Depressive Disorder) and ADHD (Attention Deficit Hyperactivity Disorder) (collectively, the \"Licensed Products\"). As per the respective agreements, each of ABVC and BioLite received 23 million shares of AIBL stock (with an expected value of $10 per share). As a result, the Company has a controlling interest in AIBL. If certain milestones are met, the Company and BioLite are each eligible to receive $3,500,000 and royalties equaling 5% of net sales, up to $100 million.\n \nThe Company is hopeful that those licensing incomes will enable it to start becoming profitable in the near future.\n \nNasdaq Compliance\n \nThe Company has regained compliance with Nasdaq Marketplace Rules relating to maintaining a minimum $1.00 bid price and the $2.5 million minimum stockholders' equity requirements, completed on August 08, 2023, and September 6, 2023, respectively.\n \nStrategic Investments\n \nThe Company entered a cooperation agreement on August 14, 2023, with Zhong Hui Lian He Ji Tuan, Ltd. (\"Zhonghui\"). The Company acquired 20% of the ownership of a property and the parcel of the land (the \"Property\") owned by Zhonghui in Leshan, Sichuan, China. In exchange, the Company issued Zhonghui an aggregate of 370,000 shares (the \"Shares\") of the Company's common stock, at a per-share price of $20.0. The Company and Zhonghui plan to jointly develop the Property into a healthcare center for senior living, long-term care, and medical care in the areas of ABVC'...