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ABVC BioPharma Receives $50,000 in Incremental Licensing Fees, Boosting Total Payments to $346,000 From Its Three Strategic Partners
FREMONT, Calif., Oct. 22, 2024 (GLOBE NEWSWIRE) -- ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company focused on innovative
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, Calif., Oct. 22, 2024 (GLOBE NEWSWIRE) -- ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company focused on innovative treatments in ophthalmology, CNS (central nervous system), and oncology/hematology, today announced the receipt of an additional $50,000 in licensing fees from AiBtl BioPharma Inc. With this payment, ABVC has received a total of $346,000 in licensing fees from its strategic partners, supporting our partner's belief in our mission. ABVC has received 23M AiBtl shares as part of the first milestone of the licensing fees and will obtain royalties up to $100M after the product launches. The payment, tied to ABVC's psychiatric disorder pipeline, which includes treatments for Major Depressive Disorder (MDD) and Attention Deficit Hyperactivity Disorder (ADHD), is part of a broader agreement with AiBtl BioPharma. The MDD and ADHD pipeline, valued at $667M by third-party evaluators, continues to gain momentum as both companies advance their collaborative efforts towards discussion with big pharma for out-licensing and initiating the plan for the GAP-certified temperature-controlled farm. \"We are thrilled to see this consistent financial backing from our partners, reflecting confidence in the potential of our therapeutic programs,\" said Uttam Patil, Ph.D., Chief Executive Officer of ABVC. \"The additional $50,000 from AiBtl reinforces the trust in ABVC’s vision of developing breakthrough treatments.\" \"This milestone payment marks the continuation of a long-term strategic collaboration, reinforcing our commitment to advancing innovative CNS treatment solutions. These payments help to validate the progress of our therapeutic pipeline and reflect our confidence in our ability to deliver value for our investors. We believe that our ongoing efforts in this space will generate returns and further strengthen our position in the biopharmaceutical market,\" said Russman Jaimes, Chief Executive Officer of AiBtl. Driving Growth in Expanding Markets ABVC BioPharma is strategically positioned in growing markets. The global MDD market is projected to grow from $11.51 billion in 2022 to $14.96 billion by 2032, with a steady CAGR of 2.8%.[1] The global ADHD treatment market is also growing, expected to increase from $15.23 billion in 2022 at a CAGR of 7.3% through 2032.[2] Additionally, the global bot...