Thursday, April 18, 2024
ABVC BioPharma, Inc. (NASDAQ: ABVC) has unveiled a significant licensing deal with OncoX, a company specializing in oncology dietary supplements, with the goal of advancing treatments for Non-Small Cell Lung Cancer (NSCLC). The agreement encompasses licensing rights for ABVC's botanical drug extract from Maitake Mushroom (Grifola Frondosa) for NSCLC treatment. ABVC and its affiliate Rgene Corporation will receive an aggregate license fee of $12,500,000 and additional milestone payments contingent on OncoX's fundraising success. Moreover, ABVC stands to gain royalties on net sales of the licensed product.
Under the agreement, OncoX gains exclusive rights to develop, manufacture, and commercialize BLEX 404, a promising therapeutic derived from Maitake Mushroom, for NSCLC treatment. This collaboration aims to expedite the availability of this treatment to patients worldwide.
Dr. Uttam Patil, ABVC's CEO, expressed enthusiasm about the collaboration, highlighting ABVC's commitment to fighting NSCLC and delivering innovative therapies. Wen-Pin Yen, CEO of OncoX, emphasized the potential of BLEX 404 to revolutionize NSCLC treatment and enhance patient outcomes.
NSCLC often develops resistance to single-agent therapies, making combination therapy an appealing strategy. Studies have shown promising results for BLEX 404 in combination with chemotherapy, suggesting enhanced efficacy and patient outcomes.
The terms of the agreement encompass upfront and milestone payments, as well as royalties, reflecting management's confidence in the market potential. The global cancer therapeutics market, especially the lung cancer segment, is anticipated to witness significant growth, further highlighting the potential impact of this collaboration.
Source: globenewswire.com
