FREMONT, Calif., March 14, 2023 /PRNewswire/ — ABVC Biopharma, Inc. (“ABVC” or the “Corporation”) (NASDAQ: ABVC), a scientific phase biopharmaceutical organization building therapeutic options in oncology/hematology, CNS, and ophthalmology, today announced that BioKey, a wholly-owned subsidiary of the Organization based mostly in Fremont, California, gained an acceptance of Maitake Mushroom Dietary Dietary supplement Pill from Taiwan Ministry of Wellness and Welfare (MHW) on February 6, 2023. This approval served as an Import License (IL) for the shipment of Maitake Mushroom Tablets which have been developed and manufactured by BioKey for industrial profits in Taiwan less than the model title “DFN.” BioKey is currently producing dietary supplements derived from the Maitake Mushroom in tablet and liquid varieties.
The Organization has entered into a 3-year distribution settlement with Define Biotech Co. Ltd., whereas Determine Biotech is granted exceptional rights to distribute DFN in China and Taiwan in trade for $3. million well worth of new solution orders over the 3-calendar year time period. Shipment of the initially bulk whole lot of Maitake Mushroom Tablets to Outline Biotech is in progress for the business launch in Taiwan. Define Biotech is a Taiwan-based pharmaceutical marketing company that focuses on sales of drugs, dietary nutritional supplements, and health care goods in the Asia-Pacific region.
BioKey will manufacture the dietary supplements in a humid, temperature-managed atmosphere absolutely free of pesticides and chemical compounds at its cGMP Manufacturing facility in Fremont, California. Although a lot of mushroom-based supplements are currently available, BioKey believes its manufacturing process provides a important competitive edge primarily based on high-quality, regularity, and its formulation procedure.
“We are pleased to receive the registrational acceptance of our Maitake Mushroom Tablets “DFN” from Taiwan MHW,” claimed Dr. Howard Doong, Chief Executive Officer of ABVC BioPharma. “Based on the distribution agreement with Define Biotech for the commitment to purchase $3.0 million worth of the new product over the three-year period, we expect our subsidiary in California to achieve financial profitability in 2023.”
The global dietary supplements market size was valued at $140.3 billion in 2020 and is expected to expand at a compound annual progress rate (CAGR) of 8.6{7b6cc35713332e03d34197859d8d439e4802eb556451407ffda280a51e3c41ac} from 2021 to 2028 (Grand Watch Investigate, February 2021). Botanicals held the next premier share within the nutritional supplement classification in 2020 and are expected to witness major growth above the forecast time period (Vision Research Reports). Immunity- boosting herbs observed a surge in demand in 2020 and a constant advancement development is expected to continue on for the foreseeable upcoming.
About ABVC BioPharma
ABVC BioPharma is a clinical-stage biopharmaceutical business with an active pipeline of 6 drugs and just one health-related unit (ABV-1701/Vitargus®) below development. For its drug items, the company is concentrated on employing in-licensed technology from its community of environment-renowned investigate institutions to carry out proof-of-idea trials by Stage II of the medical development course of action. The company’s community of research establishments contains Stanford College, College of California at San Francisco, and Cedars-Sinai Medical Heart. For Vitargus®, the business intends to perform world clinical trials as a result of Period III.
About the Maitake Mushroom
The Maitake Mushroom is wealthy in bioactive polysaccharides, in particular beta-glucans. Beta-glucans in Maitake Mushrooms have often been found to improve the immune system and reduce cholesterol, resulting in improved artery operation and total better cardiovascular well being. In a clinical trial on postmenopausal breast most cancers clients reported in 2009 (J Cancer Res Clin Oncology (2009) 135:1215), oral administration of Maitake extract demonstrated immunomodulatory results. In addition, a different scientific demo uncovered Maitake extracts to enhance neutrophil and monocyte functionality in patients with myelodysplastic syndrome, boosting output of lymphokines (protein mediators) and interleukins (secreted proteins), demonstrating an improved immune response. Further, clinical trials have shown beta- glucans to lower blood glucose levels, thereby helping to activate insulin receptors, while reducing insulin resistance in diabetic issues management.
Forward-Looking Statements
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Source ABVC Biopharma, Inc.