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American BriVision Announces Postponement of Proposed Public Offering
Company Expects to Begin Licensing Vitargus to Marketing Partners in 2020 FREMONT, CA, Feb. 25, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"\n Company Expects to Begin Licensing Vitargus to Marketing Partners in 2020 FREMONT, CA, Feb. 25, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American BriVision (Holding) Corporation (OTCQB: ABVC), a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, today announced it has postponed the public offering of its Series A Convertible Preferred Stock until a more opportune time. Accordingly, it has notified the US Securities and Exchange Commission to withdraw the Registration Statement on Form S-1, which was filed in connection with the public offering and declared effective on August 7, 2019. Further, the engagement agreement with Boustead Securities has not been renewed as permitted under its terms. According to Howard Doong, the CEO of American BriVision, “This process has taken longer than anticipated partially due to the length of time necessary to receive NASDAQ approval. While we are confident in our ability to be listed on NASDAQ in the near future, we have noted that recently our stock price had declined below the level acceptable to us to consider a significant financing, as it would cause significant dilution to our existing shareholders. As a result of our expectation that we will be able to achieve several important medical milestones this year, we believe the company’s valuation will improve in 2020 and create a more favorable climate for a larger capital raise. In the interim, the company may consider raising some capital through smaller private placements.” Dr. Doong said one of the earliest milestones expected to be achieved is the licensing of ABVC’s innovative vitreous substitute, Vitargus, to one or more marketing partners. “Since it has demonstrated in clinical trials that, compared with other currently used methods, patients undergoing surgery to re-attach the retina through Vitargus are able to recover more quickly and experience little side effects to retinal tissue and vision. Also, because Vitargus is bio-degradable, there is no need for a second surgery.” Dr. Doong concluded, “While the order of events may change, our plans for 2020 remain the same: properly fund our ongoing clinical studies through private placements; up-list ABVC stocks to a national exchange; and, if necessary, complete a public offering.” About American BriVision ...