ABVC BioPharma, Inc. (ABVC) announced the company, together with its affiliate Rgene Corporation entered into a licensing agreement with OncoX, a private company registered in the British Virgin Islands that specializes in dietary supplements for Oncology. ABVC granted OncoX exclusive rights for one of ABVC's four products in its Oncology pipeline to develop, manufacture, and commercialize BLEX 404, a therapeutic agent for the treatment of NSCLC.
"ABVC will spearhead the development of BLEX 404, which has demonstrated promising results in clinical studies," said Uttam Patil, CEO.
ABVC and its affiliate are set to receive an aggregate license fee of $12.5 million in the form of cash or shares of OncoX securities within 30 days of executing the agreement, with an additional milestone payment of $1.25 million in cash after OncoX's next round of fundraising, of which there can be no guarantee; ABVC and its affiliate are also entitled to royalties of 5% of net sales, up to $12.5 million, after the launch of the licensed product.
For More Such Health News, visit rttnews.com.
For comments and feedback contact: editorial@rttnews.com
Business News