ABVC Biopharma Receives Additional $4,245,000 from Exercise of Warrants, Total Capital from Public Offering Increases to Approx. $11.1M

Rhea-AI Summary

ABVC BioPharma (Nasdaq: ABVC) announced receipt of $4,245,000 from the exercise of 673,723 Series A warrants at $6.30 each, adding to their previous underwritten offering of 1,100,000 shares that raised $6,875,000. This brings total gross proceeds to approximately $11,120,000 as of November 9, 2021. The company focuses on botanically-based solutions and has an active pipeline with six drugs and one medical device in development, intending to conduct trials at renowned research institutions.

Positive

• Total gross proceeds of approximately $11,120,000 enhance financial standing.
• Active pipeline of six drugs and one medical device indicates growth potential.

Negative

• Potential dilution of shares due to warrant exercises.
• Early-stage clinical trials present risks and uncertainties.

FREMONT, CA, Nov. 11, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc.(Nasdaq: ABVC), a biotechnology company specializing in botanically based solutions that deliver high efficacy with low toxicity for improved health outcomes, today announced the receipt of $4,245,000 in additional gross proceeds from the exercise of Series A warrants issued in the company's August 3, 2021, public offering of securities. Investors participating in ABVC’s financing exercised a total of 673,723 Series A warrants at a price of $6.30 per share. Combined with the Company's underwritten public offering of 1,100,000 shares, in which the Company announced the receipt of gross proceeds of $6,875,000, the Company has received an aggregate of approximately $11,120,000 as of November 9, 2021.

About ABVC BioPharma, Inc. 

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, it is focused on utilizing its licensed technology to conduct proof-of-concept trials through Phase II of the clinical development process at world-famous research institutions (such as Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center). For Vitargus®, the company intends to conduct the clinical trials through Phase III at various locations throughout the world. 

Forward-Looking Statements

Clinical trials are in early stages, and there is no guarantee that any specific outcome will be achieved. 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. 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 these securities, nor shall there be any sale of these 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 that state or jurisdiction.

Contact

ICR, LLC 
Lucy Peng
Phone: +1 646-677-1872
Email: Lucy.Peng@icrinc.com

FAQ

What are the recent financial proceeds for ABVC BioPharma?

ABVC BioPharma recently secured approximately $11,120,000 from the exercise of Series A warrants and a public offering.

How many Series A warrants did ABVC BioPharma exercise?

ABVC BioPharma exercised a total of 673,723 Series A warrants.

What is the purpose of the funds raised by ABVC BioPharma?

The funds will support the ongoing development of its drug pipeline and clinical trials.

What risks are associated with ABVC BioPharma's clinical trials?

Risks include potential difficulties in securing regulatory approval and the ability to manufacture product candidates.