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ABVC BioPharma Announces Global Licensing Agreement with ForSeeCon

ABVC BioPharma Announces Global Licensing Agreement with ForSeeCon

March 28, 2024

ABVC BioPharma, Inc. has entered into a significant global licensing agreement with ForSeeCon Eye Corporation (FEYE), marking a pivotal moment for the clinical-stage biopharmaceutical company known for its developments in ophthalmology, CNS, and oncology/hematology.

The agreement focuses on ABVC's ophthalmology pipeline, including the innovative medical device Vitargus®, valued at $187M by an independent third party. This deal includes clinical trials, registration, manufacturing, supply, and distribution rights for the Licensed Products.

CEO's Vision for Enhanced Patient Care

Dr. Uttam Patil, the Chief Executive Officer of ABVC, expressed his enthusiasm about the deal, stating, "We are thrilled to announce a new licensing deal that we believe will make our product available to more patients undergoing the tedious Vitrectomy procedure. This partnership underscores our commitment to providing patients with a better quality of life during and after the procedure." Dr. Patil further highlighted the strategic partnership's potential to broaden the company's product distribution and access to new revenue streams.

A Partnership for Innovation and Growth

The collaboration not only grants ABVC the distribution rights to a variety of eye products from ForSeeCon but also establishes ABVC as the ongoing R&D partner for discovering new ophthalmic product pipelines. With an initial licensing payment of $30M (cash/shares) due within 30 days of the agreement's execution, and a subsequent milestone payment of $3.5M in cash following the first beneficial fundraise, ABVC is well-positioned for growth. Additionally, the company is entitled to royalties of 5% of net sales, up to $60M, after the Licensed Product's launch.

ForSeeCon Eye's Commitment to Industry Excellence

Jerry Chang, CEO of ForSeeCon Eye, shared his excitement about Vitargus®, describing it as a "game-changer" that exceeds customer expectations and sets a new standard in the industry. "We certainly believe that with the launch of this product, we're not just introducing a new item to the market; we're reshaping it," Chang said, emphasizing the product's unique features and potential to revolutionize the market.

Market Potential and Future Growth

The global market for retinal surgery devices, as analyzed by iHealthcare Analyst, Inc., is projected to reach $4.3 billion by 2029, with a CAGR of 7.7%, driven in part by the rising geriatric population worldwide.

About Vitargus®

Vitargus is the first biodegradable substitute for the vitreous humor for retinal reattachment surgery. Its optical properties are designed to improve post-operative outcomes for patients by enhancing their ability to see clearly and allowing for immediate assessment of the fundus. Currently, the company behind Vitargus, ABVC BioPharma, is working towards introducing this innovative product in Asia and Europe, with plans to seek regulatory approval in the United States subsequently.