ABVC BioPharma Announces Termi – GuruFocus.com


FREMONT, CA, June 10, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — ABVC Biopharma, Inc. (ABVC), a clinical-stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS and ophthalmology, today announced the signing two contracts in the last 45 days have been terminated.

The first of two contracts, announced on May 3, 2022, was a $3.0 million clinical services agreement between BioKey, a wholly owned subsidiary of the company based in Fremont, Calif., and NeuCen BioMed, based in Taipei. , in Taiwan. Under the terms of the now-terminated agreement, BioKey was to receive $3.0 million over a 3-year period to guide two NeuCen pharmaceutical products, CEN501 and NEU001, through the completion of Phase II clinical studies in accordance with US FDA IND regulatory requirements. ABVC and NeuCen had also agreed, subject to further negotiations, that ABVC would lend NeuCen $1.0 million through a series of convertible debentures.

The second terminated contract involved ABVC BioPharma and Orion Biotech, a NeuCen subsidiary based in Taipei. The second contract, announced on May 25, 2022, asked ABVC BioPharma to identify candidates interested in licensing Orion development products. Under the terms of this engagement, ABVC was to use its worldwide business relationships to identify licensing partners for Orion products and, in return, would receive a monthly fee and 15% of licensing revenue and royalties collected by Orion for each license. product.

The party’s failure to accept the final terms of the loan between BioKey and NeuCen led to the termination of both contracts on June 6, 2022, effective immediately.

“We are disappointed to no longer be working with NeuCen and Orion,” said Dr. Howard Doong, CEO of ABVC BioPharma. “While these agreements are not material to our core mission or financial strength, they have provided opportunities to demonstrate our ability to provide valuable services to Taiwan’s emerging biotech industry.”

About ABVC BioPharma

ABVC BioPharma is a clinical-stage biopharmaceutical company with an active pipeline of six drugs and one medical device (ABV-1701/Vitargus®) in development. For its pharmaceuticals, it focuses on using its licensed technology to conduct proof-of-concept trials throughout the Phase II clinical development process at world-renowned research institutes (such as the Stanford University, University of California San Francisco and Cedars-Sinai Medical Center). For Vitargus®, the company intends to conduct clinical trials through phase III in various locations around the world.

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”. , “aim”, “believe”. ‘, ‘hope’, ‘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, therefore, not actual. results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties associated with (i) our inability to manufacture our product candidates on a commercial scale by ourselves or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competitors; (iv) the loss of one or more key executives or scientists; and (v) difficulties obtaining regulatory approval to advance to the next level of clinical trials or to commercialize our product candidates. More detailed information about the company and the risk factors that may affect the making 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 Report Reports on Form 10-Q. Investors are urged to read these materials free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Contact:

ICR, LLC
Lucy Peng
Telephone: +1 646-677-1872
E-mail: [email protected]

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