FREMONT, CA – 
(NewMediaWire) – August 17, 2023 – 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 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, 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 Statements
This
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 Masterson
Email: tmasterson@allelecomms.com
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