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ABVC BioPharma Receives First Cash Licensing Payment Anticipating $5 Million in Revenue

FREMONT, CA - (NewMediaWire) - June 12, 2024 -  ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company developing therapeutic solutions in ophthalmology, CNS (central nervous systems), and oncology/hematology, announced today that the Company received the first $100,000 cash payment towards the total possible $5M cash license fee under the various licensing agreements it maintains with OncoX BioPharma, Inc. ("OncoX").

"OncoX is committed to gradually increasing the amount of each licensing payment over time until it pays the total fee. We hope to increase the amount of our partial license payments to demonstrate our belief in ABVC's products and show our commitment to nurturing a long-term, collaborative relationship with them," said OncoX's Chief Executive Officer Wen-Pin Yen. He added, "We want to ensure a fair and sustainable partnership for both parties and establish transparent and equitable relationships with our partners."

"We are delighted to have received the first licensing fee payment from OncoX. This partial payment marks a significant milestone for us and demonstrates our partners' trust and confidence in our products," said  Uttam Patil, Ph.D., Chief Executive Officer of ABVC. He further mentioned, "This payment is a testament to the commitment and collaboration from OncoX. OncoX's relentless efforts have not only ensured the smooth execution of our agreements, but we believe they are also helping to strengthen our position within this competitive industry. Receiving this payment is more than just a financial transaction; it shows us that OncoX believes in our capabilities and credibility, as well as the value we bring to the table. It reaffirms our commitment to excellence and fuels our determination to deliver outstanding results."

Management believes the Company's product pipeline has excellent market potential. The global cancer therapeutics market is expected to be worth around US$393.61 billion by 2032, up from US$164 billion in 2022, growing at a CAGR of 9.20% from 2023 to 2032.[1]

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:

Leeds Chow

Email: leedschow@ambrivis.com