ABVC BioPharma, Inc., a clinical-stage biopharmaceutical company, has announced the receipt of a $100,000 milestone licensing payment from ForSeeCon Eye Corporation, marking a significant step in their partnership to develop and commercialize drugs for ophthalmic indications. This payment brings ABVC's cumulative licensing revenue to $946,000, with the potential for the overall value of their agreements to reach up to $1.0 billion, including equity, royalties, and performance-based payouts.
The collaboration focuses on Vitargus®, a next-generation vitreous substitute, targeting the rapidly expanding global eye care market, which is projected to reach $110.3 billion by 2030. ABVC and ForSeeCon plan to initiate pivotal clinical trials in key international markets in 2025, with growing enthusiasm from partners in Europe and Japan.
Dr. Uttam Patil, ABVC's Chief Executive Officer, highlighted the importance of this milestone as a source of non-dilutive capital to support further development, while Mr. Jerry Chang, CEO of ForSeeCon Eye Corporation, expressed excitement about the potential of Vitargus® to redefine retinal surgery outcomes. This development reflects ABVC's strategic focus on capital-efficient innovation and global co-development partnerships in the ophthalmology sector.
