ABVC BioPharma, Inc., a clinical-stage biopharmaceutical company, has announced the receipt of a $100,000 milestone payment from OncoX BioPharma, Inc., marking a significant step in their strategic licensing agreement initiated in 2024. This payment brings the total licensing revenue for ABVC and its subsidiaries to $1.046 million, highlighting the commercial viability and potential of their oncology platform.
The collaboration between ABVC and OncoX is focused on the development and global commercialization of botanical therapeutics in oncology. This partnership not only validates the commercial value of ABVC's late-stage oncology platform but also supports ongoing efforts to expand OncoX's therapeutic focus and enhance its market presence. The agreement includes potential future milestone and royalty-based payments, contributing to ABVC's long-term revenue outlook.
Dr. Uttam Patil, ABVC's Chief Executive Officer, emphasized the significance of this milestone payment as a reflection of the shared belief in the potential for new product and market opportunities. Similarly, Yen Wen Pin, CEO of OncoX BioPharma, highlighted the payment as an investment in long-term innovation, aiming to bring novel botanical-based treatments to global markets.
The strategic impact of this partnership extends to ABVC's shareholders, reinforcing the company's 2025 guidance. With a 234% year-over-year increase in revenue in 2024 and a 77% improvement in earnings per share, ABVC's differentiated drug development model is gaining market interest. The global cancer therapeutics market, projected to reach $393.61 billion by 2032, presents a significant opportunity for ABVC and OncoX to drive future regulatory filings and commercialization opportunities in oncology.
This development is crucial as it not only signifies the progress in ABVC and OncoX's collaboration but also underscores the potential of botanical-based treatments in addressing the growing global demand for innovative cancer therapies. The partnership's focus on expanding therapeutic programs and enhancing market presence could lead to groundbreaking treatments in the oncology field, offering hope to patients worldwide.
