ABVC Executes Cooperation Agreement for Strategic Investments
17 Agosto 2023 - 3:19PM
via NewMediaWire – ABVC BioPharma, Inc. (NASDAQ: ABVC)
("Company"), a clinical-stage biopharmaceutical company developing
therapeutic solutions in Oncology/Hematology, Neurology, and
Ophthalmology, announced today that it had entered into a
Cooperation Agreement to exchange a 20% ownership stake in real
estate property of Zhonghui United Technology (Chengdu) Group Co.,
Ltd. (“中汇联和科技(成都)集团有限公司”) and its affiliated enterprises
(“Zhonghui”).
Under the terms of the Cooperation Agreement, the estimated
value of the transaction is approximately $7.4 million, equivalent
to 370,000 shares of ABVC common stock at $20 per share.
"We are extremely proud to have executed the
Cooperation Agreement with Zhonghui; this transaction builds on
ABVC's commitment to grow its biopharma industry and to provide
best-in-class innovations in research, development, and
manufacturing of pharmaceuticals, biotechnology-based food and
medicines, medical devices, biomedical technologies, and
nutraceuticals," said Dr. Uttam Patil, Chief Executive Officer
of ABVC. "As per the current Cooperation Agreement, ABVC and
Zhonghui agree to collaborate on developing a large-scale health
and wellness base. The goal is to establish a comprehensive
facility that offers a wide range of health and wellness services
to promote a healthy lifestyle and well-being. Specifically, a
healthcare center for senior living, long-term care, and medical
care in the areas of ABVCs' special interests, such as
Ophthalmology, Oncology, and Central Nervous Systems, is planned to
be established as the base for the China market and global
development. Both parties aim to build an integrated industry,
academia, and research collaboration platform. This platform will
also seek to contribute to rural revitalization by promoting
innovation, knowledge exchange, and sustainable development in
rural areas. Our strong partnership with leading institutions and
expertise in Oncology/Hematology, Neurology, and Ophthalmology will
aid us in global expansion."
About ABVC BioPharmaABVC 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, the Company utilizes
in-licensed technology from its network of world-renowned research
institutions to conduct proof-of-concept trials through Phase II of
clinical development. The Company's network of research
institutions includes Stanford University, the University of
California at San Francisco, and Cedars-Sinai Medical Center. For
Vitargus®, the Company intends to conduct global clinical trials
through Phase III.
Forward-Looking StatementsThis press
release contains "forward-looking statements." The words may
precede such statements "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.
None of the outcomes expressed herein are guaranteed. 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:Tom
MastersonEmail: tmasterson@allelecomms.com
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