ABVC - ABVC Executes Cooperation Agreement for Strategic Investments
FREMONT, CA - (NewMediaWire) - August 17, 2023 - ABVC BioPharma,Inc. (NASDAQ: ABVC) ("Company"), aclinical-stage biopharmaceutical company developing therapeutic solutions in Oncology/Hematology,Neurology, and Ophthalmology, announced todaythat it had entered into a Cooperation Agreement to exchange a 20% ownershipstake in real estate property of Zhonghui United Technology (Chengdu) GroupCo., Ltd. (“??????(??)??????”) and its affiliated enterprises (“Zhonghui”).
Under the terms of the Cooperation Agreement, the estimated value of the transactionis 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 CooperationAgreement with Zhonghui; thistransaction builds on ABVC's commitment to grow its biopharma industry and toprovide best-in-class innovations in research, development, and manufacturingof pharmaceuticals, biotechnology-based food and medicines, medical devices,biomedical technologies, and nutraceuticals," said Dr. Uttam Patil, Chief Executive Officerof ABVC. "As per the current Cooperation Agreement, ABVC and Zhonghui agreeto collaborate on developing a large-scale health and wellness base. The goalis to establish a comprehensive facility that offers a wide range of health andwellness services to promote a healthy lifestyle and well-being. Specifically,a healthcare center for senior living, long-term care, and medical care in theareas of ABVCs' special interests, such as Ophthalmology, Oncology, and CentralNervous Systems, is planned to be established as the base for the China marketand global development. Both parties aim to build an integrated industry,academia, and research collaboration platform. This platform will also seek tocontribute to rural revitalization by promoting innovation, knowledge exchange,and sustainable development in rural areas. Our strong partnership with leadinginstitutions and expertise in Oncology/Hematology, Neurology, and Ophthalmologywill aid us in global expansion."
About ABVC BioPharma
ABVC BioPharma is a clinical-stage biopharmaceuticalcompany with an active pipeline of six drugs and one medical device(ABV-1701/Vitargus®) under development. For its drug products, the Companyutilizes in-licensed technology from its network of world-renowned researchinstitutions to conduct proof-of-concept trials through Phase II of clinicaldevelopment. The Company's network of research institutions includes StanfordUniversity, the University of California at San Francisco, and Cedars-SinaiMedical Center. For Vitargus®,the Company intends to conduct global clinical trials through Phase III.
Forward-Looking Statements
Thispress release contains "forward-looking statements." The words mayprecede 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 futureperformance, are based on certain assumptions, and are subject to various knownand unknown risks and uncertainties, many of which are beyond the Company'scontrol, and cannot be predicted or quantified, and, consequently, actualresults may differ materially from those expressed or implied by suchforward-looking statements. None of the outcomes expressed herein areguaranteed. Such risks and uncertainties include, without limitation, risks anduncertainties associated with (i) our inability to manufacture our productcandidates on a commercial scale on our own, or in collaboration with thirdparties; (ii) difficulties in obtaining financing on commercially reasonableterms; (iii) changes in the size and nature of our competition; (iv) loss ofone or more key executives or scientists; and (v) difficulties in securingregulatory approval to proceed to the next level of the clinical trials or tomarket our product candidates. More detailed information about the Company andthe risk factors that may affect the realization of forward-looking statementsis set forth in the Company's filings with the Securities and ExchangeCommission (SEC), including the Company's Annual Report on Form 10-K and itsQuarterly Reports on Form 10-Q. Investors are urged to read these documentsfree of charge on the SEC's website at http://www.sec.gov. The Companyassumes no obligation to publicly update or revise its forward-lookingstatements as a result of new information, future events or otherwise.
Contact:
Tom Masterson
Email: tmasterson@allelecomms.com
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