FREMONT, CA, May 25, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – ABVC Biopharma, Inc. (NASDAQ: ABVC), a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, today announced that it has been engaged by Orion BioTech, Inc., a medical device company based in Taipei, Taiwan, to identify candidates interested in out-licensing Orion developmental products, such as Orion’s “Lamina Cover” for spine surgery, its “Wireless Intracranial Pressure (ICP) Monitor” for brain surgery and its “Auto-stop Drill” for orthopedic surgery. The Lamina Cover recently received U.S. F.D.A. medical device 510(k) approval.
Under the terms of this engagement, ABVC will use its business relationships around the world to find licensing partners for Orion products and, in return, will receive a monthly retainer fee and 15% of the licensing income and royalties received by Orion for each licensed product. The engagement remains in effect until a written notice of termination is initiated by either party.
“We are pleased to utilize our global business development capabilities to identify potential product licensing partners for Orion BioTech,” said Dr. Howard Doong, Chief Executive Officer of ABVC BioPharma. “For us, this engagement demonstrates our desire to actively seek revenue sources that can help support the development of our oncology and CNS drugs. Other examples of this strategy include our maitake mushroom supplement distribution agreement and our recently announced services agreement with NeuCen. Both of these agreements, along with the Orion engagement, demonstrate our ability to provide valuable services to the emerging biotech industry in Taiwan.”
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®) under development. For its drug products, it is focused on utilizing its licensed technology to conduct proof-of-concept trials through Phase II of the clinical development process at world-famous research institutions (such as Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center). For Vitargus®, the company intends to conduct the clinical trials through Phase III at various locations throughout the globe.
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,” “aims,” “believes,” “hopes,” “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, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our product candidates on a commercial scale on our own, or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to proceed to the next level of the clinical trials or to market our product candidates. More detailed information about the Company and the risk factors that may affect the realization 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 Reports on Form 10-Q. Investors are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes 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
Phone: +1 646-677-1872
Email: Lucy.Peng@icrinc.com
