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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
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"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\").\n\"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.\"\n\"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.\"\nManagement 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]\nAbout ABVC BioPharma & Its Industry\nABVC BioPharma is a clinical-stage biopharmaceutical company with an active pipeline of six drugs and one medical device (ABV-1701/Vitargus(R)) under development. For its drug products, the Company utilizes in-licensed technology from its netwo...