ABVC BioPharma Regains Compliance With Nasdaq's Minimum Bid Price Requirement
10 Août 2023 - 2:30PM
via NewMediaWire -- ABVC BioPharma, Inc. (NASDAQ: ABVC)
("Company"), a clinical-stage biopharmaceutical company developing
therapeutic solutions in ophthalmology, neurology, and
oncology/hematology, announced today that on August 08, 2023, it
received a letter from the Nasdaq Listing Qualifications Department
notifying the Company that it had regained compliance with the
minimum bid price requirement.
On August 19, 2022, the Company received a notification that its
common stock failed to maintain a minimum bid price of $1.00 over
the previous 30 consecutive business days, as required by Nasdaq
Listing Rules of The Nasdaq Stock Market. The closing bid price of
the Company's common stock was at $1.00 per share or greater from
July 25 to August 7, 2023. Accordingly, the Company has regained
compliance with Nasdaq Capital Market Minimum Bid Price Requirement
per Listing Rule 5550(a)(2) and this matter is now closed.
About ABVC BioPharma & Its Industry
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.
We believe the Company's pipeline products have great market
potential. 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.1 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.2 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.3
Forward-Looking Statements
This press release contains "forward-looking statements." Such
statements may be preceded by the words "intends," "may," "will,"
"plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential," or similar
words. Forward-looking statements are not guarantees of future
performance, are based on certain assumptions, and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company's control, and cannot be predicted or
quantified, and, consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
None of the outcomes expressed herein are guaranteed. Such risks
and uncertainties include, without limitation, risks and
uncertainties associated with (i) our inability to manufacture our
product candidates on a commercial scale on our own, or in
collaboration with third parties; (ii) difficulties in obtaining
financing on commercially reasonable terms; (iii) changes in the
size and nature of our competition; (iv) loss of one or more key
executives or scientists; and (v) difficulties in securing
regulatory approval to proceed to the next level of the clinical
trials or to market our product candidates. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company's filings with the Securities and Exchange Commission
(SEC), including the Company's Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q. Investors are urged to read these
documents free of charge on the SEC's website at
http://www.sec.gov. The Company assumes no obligation to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy any of the Company's securities,
nor shall such securities be offered or sold in the United States
absent registration or an applicable exemption from registration,
nor shall there be any offer, solicitation or sale of any of the
Company's securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state or
jurisdiction.
Contact:Tom MastersonEmail: tmasterson@allelecomms.com
[1]
https://www.futuremarketinsights.com/reports/major-depressive-disorder-treatment-market#:~:text=The%...
[2]
https://www.prnewswire.com/news-releases/global-attention-deficit-hyperactivity-disorder-adhd-market...
[3]
https://www.ihealthcareanalyst.com/technological-advancement-ophthalmic-surgery-retinal-surgery-devi...
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