Benzinga | Dec 15, 2021 08:32AM EST

ABVC BioPharma Medical Device Vitargus Receives Taiwan National Innovation Award

ABVC BioPharma, Inc. (NASDAQ:ABVC), a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, today announced that Vitargus(r), 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(r) 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.