ABVC BioPharma, Inc. entered into a definitive agreement with OncoX BioPharma, Inc., pursuant to which the Company will grant Oncox an exclusive right to develop and commercialize ABVC?s BLEX 404 single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Pancreatic Cancer (the ?Licensed Products?), within a certain territory, specified as 50% of the Worldwide Marketsfor 20 years (the ?Oncox Agreement?). In consideration thereof, Oncox shall pay ABVC a total of $6,250,000 (or 1,250,000 Oncox shares valued at $5 per share1) within 30 days of entering into the Oncox Agreement, with an additional milestone payment of $625,000 in cash after OncoX?s next round of fundraising, of which there can be no guarantee. Oncox may remit cash payments of at least $100,000 towards the licensing fees and deductible from the second milestone payment; ABVC is also entitled to royalties of 5% of Net Sales, as defined in the Oncox Agreement, from the first commercial sale of the Licensed Product in the noted territory, which remains uncertain.

The Company will permit Oncox to pay the license fee in installments or in a lump sum and will allow Oncox to use its revenue to fund such payments. Oncox entered into the same agreement with ABVC?s affiliate, Rgene Corporation.