Business
ABVC Corporate Update and CEO's Letter to Shareholders
FREMONT, CA, Aug. 07, 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. 07, 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, today published a Corporate Update and Letter to Shareholders from recently appointed Chief Executive Officer, Dr. Uttam Patil. Dear Fellow Shareholders, As we move into the second half of 2023, I am delighted to speak about ABVC's recent developments and plans. Over the past few months, ABVC has undergone a significant transformation. Moving beyond our recently announced leadership changes, I would like to take this opportunity to update you on the status of this transformation, with a focus on the progress of our diverse pipeline in clinical trials. We have completed controlled-release tablet formulation development for PDC-1421, the primary active ingredient in our neurological programs. Our studies show that the controlled-release formulation enables the active ingredient to be absorbed slower over time compared to conventional tablet formulations, thereby reducing the dosage frequency from TID to BID and increasing the bioavailability. We are also excited about our major depressive disorder (MDD) and adult attention-deficit/hyperactivity disorder (ADHD) trials, which, if successful, will take us closer to Phase III trials for those products and drive our multi-product biopharma company forward. Ophthalmology Vitargus®, a vitreous substitute, is a groundbreaking, advanced-staged R&D product that we believe will be the first biodegradable hydrogel product used in retinal detachment surgery. Vitargus® has completed the feasibility study in Australia and was approved by the Australian Therapeutic Goods Administration (TGA) to initiate the next phase of the trial in two participating sites. This is vital to obtaining final regulatory approval for Vitargus® in Australia. The Science Park Administration in Taiwan approved ABVC's plan to set up a pilot Good Manufacturing Practice (GMP) facility to produce Vitargus® and to pursue the process development work for manufacturing optimization. We are undertaking this project, proposed by ABVC's Taiwan affiliate and co-development partner, BioFirst Corporation, to upgrade the Vitargus® manufacturing processes so it can ultimately handle the glob...