Business
ABVC BioPharma Expands Co-Development Partnership With Rgene Corporation
FREMONT, CA, June 21, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – ABVC Biopharma, Inc. (NASDAQ: ABVC), a clinical stage biopharmaceutical company developing
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA, June 21, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – ABVC Biopharma, Inc. (NASDAQ: ABVC), a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, today announced that it has expanded its co-development partnership with Rgene Corporation. BioKey, ABVC’s wholly owned subsidiary based in Fremont, California, has entered into a Clinical Development Service Agreement with Rgene to guide three Rgene drug products, RGC-1501 for the treatment of Non-Small Cell Lung Cancer (NSCLC), RGC-1502 for the treatment of pancreatic cancer and RGC 1503 for the treatment of colorectal cancer patients, through completion of Phase II clinical studies under U.S. FDA IND regulatory requirements. Under the terms of the new Services Agreement, BioKey is eligible to receive payments totaling $3.0 million over a 3-year period with each payment amount to be determined by certain regulatory milestones obtained during the agreement period. Through a series of transactions over the past 5 years, ABVC and Rgene have co-developed the three drug products covered by the new Services Agreement resulting in ABVC owning 31.62% of Rgene. In a separate agreement, ABVC, will provide a one year, $1.0 million, working capital convertible loan to Rgene that, if fully converted, would result in ABVC owning an additional 6.4% of Rgene. Rgene has further agreed, effective July 1, 2022, to provide a seat on the Rgene Board of Directors for Dr. TS Jiang until the loan is repaid in full. BLEX 404, the new drug under clinical development covered by the service agreement, is extracted from Maitake mushroom (Grifola frondosa), an edible mushroom. Its immunological effects and the safety have been demonstrated in two Phase I/II clinical studies performed at Memorial Sloan Kettering Cancer Center (MSKCC) with breast cancer and myelodysplastic syndromes (MDS) patients. “We are pleased to enter into this clinical development service contract with Rgene to advance three new oncology programs with our BLEX 404 drug,” said Dr. Howard Doong, Chief Executive Officer of the Company; “In addition, this contract will greatly enhance BioKey financial profitability going forward.” About ABVC BioPharma ABVC BioPharma is a clinical-stage biopharmaceutical company with an active pipeline of six drugs and one medical dev...