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ABVC BioPharma Secures $200,000 in First Cash Licensing Payment From Oncology Products Partner, Totaling $546,000 From Three Partners
ABVCABVC BioPharma(ABVC) GlobeNewswire News Room·2024-12-11 11:30

Company Overview - ABVC BioPharma, Inc. is a clinical-stage biopharmaceutical company focused on developing therapeutic solutions in ophthalmology, central nervous system (CNS), and oncology/hematology [1] - The company has an active pipeline consisting of six drugs and one medical device (ABV-1701/Vitargus®) under development [2] - ABVC utilizes in-licensed technology from prestigious research institutions, including Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center, to conduct proof-of-concept trials through Phase II of clinical development [2] Recent Developments - ABVC announced a 200,000cashpaymentfromOncoXBioPharmaInc.aspartofastrategiclicensingagreementforoncology−relatedproducts,markingthefirstinstallmentofapotential200,000 cash payment from OncoX BioPharma Inc. as part of a strategic licensing agreement for oncology-related products, marking the first installment of a potential 5 million in licensing fees [1] - The total cash payments received by ABVC from its three strategic partners for licensing various products now amount to 546,000[1]−ABVCanditssubsidiariesareeligibletoreceiveupto10millionOncoXshares,anadditional546,000 [1] - ABVC and its subsidiaries are eligible to receive up to 10 million OncoX shares, an additional 5 million cash payment, and royalties up to 50millionafterproductlaunches[1]MarketPosition−Theglobalcancertherapeuticsmarketisprojectedtoreach50 million after product launches [1] Market Position - The global cancer therapeutics market is projected to reach 393.61 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.20% [1] - ABVC is strategically positioned to capitalize on this rapidly expanding market, reinforcing its competitive position within the oncology landscape [1]