ABVC BioPharma Inc. (NASDAQ: ABVC) has announced its operating and financial Q3 2021, ending September 30, 2021.
Q3 revenue of $98,999
Revenue in Q3 2021 was $98,999 compared to $115,553 in Q3 2020 and incurred costs of $393 and $8,619 in sales costs for Q3 2021 and Q3 2020, respectively. The revenue decrease was attributed to the impact of the pandemic in the company’s CDMO business sector. The company reported a net loss of $1.886 million for the quarter ended September 30, 2021, relative to $2.131 million a year ago, representing a decrease of 11%.
The company successfully completed the NASDAQ listing during the quarter, which enhanced trading liquidity for its stockholders and allowed it to make a public offering of its stock. In addition, the company chose the first research site and lead investigator for Vitargus Phase II clinical trials in Australia.
With the filing of two Patent Cooperation Treaty(PCT) applications in relation to ABVC drugs that assist in treating Attention-Deficit Hyperactivity Disorder (ADHD) and major depressive disorder (MDD), the company has strengthened its intellectual property rights.
ABVC Biopharma reorganized its joint venture deal with drug discovery and research from BioLite Japan K.K., enhancing the company’s global ability to identify early-stage prospects in drug development, medical device technology, and digital health, particularly in Japan.
ABVC completed its public offering
ABVC Biopharma CEO Dr. Howard Doong said, “ABVC is proud of its accomplishments since the start of the year, highlighted by clinical trial success that continued to demonstrate that botanically derived medicines are safe and effective. Our successful public offering completed during the quarter and the subsequent exercise of our Series A warrants by many investors has provided sufficient cash to assure that we can meet our goals through mid-2023. And, we are particularly pleased that our up listing on to the Nasdaq exchange has resulted in materially improved liquidity of our stock coupled with a far wider investor base, including several prominent funds that specialize in the biotech sector. Heading into 2022, we continue to proceed down the right path with the development of our product pipeline.”