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ABVC BioPharma Subsidiary BioKey Projects $1.0 Million Proceeds From Dietary Supplement Production

FREMONT, CA - (NewMediaWire) - June 20, 2023 - ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company specializing in therapeutic solutions in oncology/hematology, CNS, and ophthalmology, announced today that its wholly owned subsidiary, BioKey, Inc., is in the second year of a 3-year agreement to manufacture dietary supplements derived from the Maitake mushroom in tablet and liquid forms.

BioKey, Inc., a leading producer of dietary supplements in its GMP facility, is set to receive USD $1.0 million from Define Biotech Co. Ltd. amid increasing interest in mushroom-based nutritional supplements. This agreement marks the second year of a partnership that grants Define Biotech the right to distribute the nutritional supplement containing Maitake mushrooms in China and Taiwan.

ABVC’s scientific expertise in clinical trials has resulted in the extraction of Maitake mushroom ingredients with superior purity and consistency compared to competitors. The production of dietary supplements represents a viable revenue stream for ABVC BioPharma as they conduct clinical trials for their other drug candidates.

A 2015 clinical study on low-risk MDS (Myelodysplastic Syndrome) patients at the Memorial Sloan Kettering Cancer Center (MSKCC) in the United States reported Maitake beta-glucan consumption improved the neutrophil and monocyte function of the patient (Cancer Immunology, Immunotherapy (2015) 64:237–247). ABVC BioPharma believes developing these medicinal mushroom extracts as dietary supplements opens an avenue for good health through immunomodulation.

According to a report by Vantage Market Research, the global Dietary Supplements Market was valued at USD $152.3 billion in 2022 and is projected to reach USD $269.5 billion by 2030, with a compound annual growth rate (CAGR) of 8.5% over the forecast period.

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 is focused on utilizing in-licensed technology from its network of world-renowned research institutions to conduct proof-of-concept trials through Phase II of the clinical development process. The company’s network of research institutions includes Stanford University, the University of California at San Francisco, and Cedars-Sinai Medical Center. For Vitargus®, the company intends to conduct global clinical trials through Phase III.

About the Maitake Mushroom

The Maitake Mushroom is rich in bioactive polysaccharides, especially beta-glucans. Beta-glucans in Maitake Mushrooms have been found to strengthen the immune system and reduce cholesterol, resulting in improved artery functionality and overall better cardiovascular health, lowering the risk of heart disease. In a clinical trial on postmenopausal breast cancer patients reported in 2009 (J Cancer Res Clin Oncology (2009) 135:1215), oral administration of Maitake extract demonstrated immunomodulatory effects. In addition, a separate clinical trial found Maitake extracts to enhance neutrophil and monocyte function in patients with myelodysplastic syndrome, boosting production 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 diabetes management.

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 The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.


Tom Masterson


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