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.
