ABVC BioPharma Medical Device Vitargus Receives Taiwan National Innovation Award
ABVC BioPharma, Inc. (NASDAQ: ABVC) announced that its vitreous substitute, Vitargus®, received the 2021 “National Innovation and Renewal of Diligence” award from Taiwan's Institute for Biotechnology and Medicine Industry. This award highlights Vitargus®'s unique properties, which enhance recovery and visual acuity post-retina surgery. ABVC plans to start a multi-country Phase II clinical study in 2022 to validate Vitargus® against standard treatments. The global retinal surgery device market is projected to reach $3.7 billion by 2027, driven by an aging population.
- Vitargus® received the 2021 National Innovation and Renewal of Diligence award from IBMI in Taiwan.
- Early clinical studies show that Vitargus® may improve patient comfort and visual acuity compared to existing products.
- ABVC plans to initiate a Phase II clinical study for Vitargus® in 2022.
- None.
Fremont, CA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, today announced that Vitargus®, its vitreous substitute intended to facilitate retina re-attachment surgery, received the 2021 “National Innovation and Renewal of Diligence” award from the Institute for Biotechnology and Medicine Industry (IBMI) of Taiwan. The award was presented at the Taiwan Medical Technology Exhibition on December 2, 2021 at the Taipei Nangang Exhibition Center.
Early clinical studies indicate that Vitargus® has unique properties that eliminate the need for post-surgery patient face-down positioning and improves recovery period patient comfort and visual acuity compared to existing products. ABVC intends to commence a multi-country, multi-patient Phase II clinical study of Vitargus in 2022, and has already identified three sites and principal investigators in Australia to conduct the study. The objective of the Australian study, expected to begin in Q1 of 2022, is to demonstrate the safety and effectiveness of Vitargus as compared to SF6 Gas OE, now commonly used for retina re-attachment.
“We are pleased to receive the National Innovation Award from the IBMI and present Vitargus technology at the Taiwan Medical Technology Exhibition,” said Dr. Howard Doong, Chief Executive Officer of ABVC. “The Taiwan Medical Technology Exhibition is the world’s first professional-scale exhibition that spans medical, biotechnology, pharmaceuticals and medical materials, connecting the complete ecological chain of the health industry.” Dr. Doong further noted that Vitargus has received collaboration inquiries from several regional and global pharmaceutical companies.
According to an April 12, 2021 market report from iHealthcare Analyst, Inc., the global market for retinal surgery devices is expected to reach
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, it is focused on utilizing its licensed technology to conduct proof-of-concept trials through Phase II of the clinical development process at world-famous research institutions (such as Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center). For Vitargus, the company intends to conduct the clinical trials at various locations throughout the globe.
Forward-Looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “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. 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:
ICR, LLC
Lucy Peng
Phone: +1 646-677-1872
Email: Lucy.Peng@icrinc.com
FAQ
What is the significance of the award received by ABVC for Vitargus®?
When will ABVC commence the Phase II clinical study for Vitargus®?
What is the expected market growth for retinal surgery devices?
Where will ABVC conduct the Phase II clinical study for Vitargus®?
What advantages does Vitargus® offer over existing products?
