ABVC BioPharma Secures $200,000 in First Cash Licensing Payment From Oncology Products Partner, Totaling $546,000 From Three Partners
FREMONT, Calif., Dec. 11, 2024 (GLOBE NEWSWIRE) -- ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company advancing therapeutic solutions in ophthalmology, CNS (central nervous system), and oncology/hematology, announced the receipt of a $200,000 cash payment from OncoX BioPharma Inc. ( "OncoX ") as part of its strategic licensing agreement for certain oncology-related products; this payment marks the first installment of $5 million in potential licensing fees from OncoX. With this payment, the total accumulated cash payment ABVC has received from its three strategic partners for licensing various ABVC products is $546,000. ABVC and its subsidiaries BioLite Inc. and Rgene Corporation are each eligible to receive up to 10M OncoX shares, $5M cash payment, and royalties up to $50M after the product launches.1
"This initial payment signifies a pivotal moment in our partnership with OncoX, reinforcing their confidence in ABVC’s innovative pipeline, " said Uttam Patil, Ph.D., Chief Executive Officer of ABVC. "It is a testament not only to their belief in the strength of our therapeutic solutions but also to the shared vision of creating impactful treatments that address current oncology challenges. "
The OncoX licensing agreement highlights both companies ' commitment to advancing breakthrough therapies in oncology. Wen-Pin Yen, CEO of OncoX, stated, "We are committed to increasing our payments over time, demonstrating our confidence in ABVC’s products, and fostering a long-term collaborative relationship that benefits both parties. This payment sets ABVC on a trajectory to further develop its oncology pipeline while reinforcing its competitive position within the oncology landscape. "
A Growing Presence in a $393 Billion Market
ABVC BioPharma is strategically positioned to capitalize on the rapidly expanding global cancer therapeutics market, which is projected to reach $393.61 billion by 2032, growing at a CAGR of 9.20%.2
About ABVC BioPharma & Its Industry
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 utilizes in-licensed technology from its network of world-renowned research institutions to conduct proof-of-concept trials through Phase II of clinical development. The Company 's network of research institutions includes Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center. For Vitargus®, the Company intends to conduct global clinical trials for PMA (pre-Market Approval).
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 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 any of the Company 's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company 's 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 such state or jurisdiction.
Contact:
Dr. Uttam Patil
Email: uttam@ambrivis.com
[1] which is not guaranteed.
[2] https://www.precedenceresearch.com/cancer-therapeutics-market
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