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 $110 billion global eye care market. ABVC and ForSeeCon are set to initiate pivotal clinical trials in key international markets in 2025, with growing enthusiasm from partners in Europe and Japan. This milestone not only reflects the commercial viability of ABVC's platform but also provides non-dilutive capital to support further development phases.
Dr. Uttam Patil, ABVC's Chief Executive Officer, emphasized the partnership's role in addressing unmet needs in ophthalmology through innovation and advanced biologic solutions. Similarly, Mr. Jerry Chang, CEO of ForSeeCon Eye Corporation, highlighted the global response to Vitargus® and its potential to redefine retinal surgery outcomes.
With the eye care market projected to grow at a compound annual growth rate of 6.9% from 2024 to 2030, reaching USD 110.3 billion, ABVC's strategic roadmap and licensing income underscore its commitment to capital-efficient innovation and global co-development partnerships. The company's pipeline, including Vitargus®, positions it well within this burgeoning market, offering promising solutions for eye health worldwide.
