FREMONT, CA, July 06, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, today announced the visionary new CEO of ABVC has selflessly chosen to forgo a salary, instead opting for stock options as a pivotal component of his compensation package.

Uttam Patil, Ph.D., Chief Executive Officer of ABVC, expressed great confidence in the Company's diverse product pipeline, which spans multiple subsidiaries. Dr. Patil believes ABVC's products will be commercialized and achieve profitability. Additionally, Dr. Patil has taken more of a Company-forward approach toward his compensation, stating, "I will not claim a salary, but will continue to own stock options with the ideology of funneling every bit of profit back into the growth of the business." This strategic decision fosters a sense of ownership, enables capital to be focused on clinical programs, and enhances equity within the Company. As ABVC looks towards the future, "Investors need to have comfort that Dr. Patil is going to be dialed in as the new CEO of ABVC for the better part of the next decade," agreed ABVC's Board of Directors. The board understands Dr. Patil's foresight about the Company's potential, with a steadfast commitment to reinvesting profits for business expansion. It makes ABVC well-positioned to achieve sustained growth and drive value for its stakeholders.

ABVC's current pipeline includes a completed Phase II study for a product aimed at major depressive disorder (MDD) and discussions with the FDA regarding moving forward with the Phase III study. We are also advancing on a Phase IIb study in Attention Deficit Hyperactivity Disorder (ADHD), ongoing at the University of California at San Francisco (UCSF) and the additional five sites in Taiwan. ABVC plans to accomplish these two tasks by the end of 2023. 

An evaluation is underway regarding reinstating the Vitargus trials and proceeding with the pivotal trials worldwide. Furthermore, BLEX 404, an oncology product for treating Non-Small Cell Lung Cancer (NSCLC) and other cancer types based on combination therapy, has passed the IND approvals from US FDA and is in review at the Taiwan FDA to kick-start the trials. 

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. 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. 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.

"We are also continuing our advancement of botanical-based therapies and novel medical devices designed to address large patient populations suffering from various diseases globally," said Dr. Patil. 

About ABVC BioPharma

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.