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, with preclinical programs showing promising early results. The partnership has evolved to include joint business development initiatives, aiming to enhance product lines and diversify markets. This milestone payment 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 market presence.
According to Dr. Uttam Patil, ABVC's Chief Executive Officer, and Yen Wen Pin, CEO of OncoX BioPharma, this payment represents an investment in long-term innovation, with both companies working towards bringing novel botanical-based treatments to global markets. The global cancer therapeutics market, projected to reach $393.61 billion by 2032, presents a significant opportunity for ABVC's differentiated drug development model and OncoX's next-generation cancer immunotherapies.
The strategic impact of this partnership is evident in ABVC's financial performance, with a 234% year-over-year increase in revenue in 2024 and a 77% improvement in earnings per share. The total potential value of disclosed licensing agreements and related products is estimated at over $959 million, indicating strong market interest and future growth potential in the oncology sector.
