FREMONT, CA, June 20, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — 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
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Contact:
Tom Masterson
Email: tmasterson@allelecomms.com