ABVC BioPharma Medical Device Vitargus Receives Taiwan National Innovation Award
16 December 2021 - 12:30AM
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 $3.7 billion by 2027 driven by
a rising geriatric population worldwide.
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
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