ABVC BioPharma, Inc. (NASDAQ: ABVC) (“Company”), a clinical-stage biopharmaceutical company developing therapeutic solutions in ophthalmology, CNS (central nervous systems), and oncology/hematology, announced today that the Company and its subsidiary BioFirst Corporation received a milestone payment of 10M shares of ForSeeCon Eye Corporations securities to which the parties impute a value of $6 per share based on an internal valuation and a cash payment of $196,000 for its global licensing agreement with ForSeeCon Eye Corporation, which is for the Company’s Ophthalmology pipeline, including the medical device Vitargus (valued at $187M, by third-party valuer) (the “Licensed Products”).
ForSeeCon Eye Corporation is a private company registered in the British Virgin Islands. With this payment, the Company has now received aggregate cash payments of $296,000 from ForSeeCon and Oncox ($100,000), one of the Companys other licensees.
In addition to the cash payment, the Company has already received stocks from AiBtl (another licensee) and ForSeeCon, which the company believes are valued at $460M and $60M, respectively. The Company expects to receive additional stocks from OncoX that the Company believes is valued at $50M,3 up to $23.7M in cash and royalties of up to $370M from net sales from all three licensees (AiBtl, ForSeeCon, and OncoX), although such net sales cannot be guaranteed.
“This milestone payment marks a significant achievement in the partnership between ABVC and ForSeeCon. It reflects ForSeeCon’s confidence in the Licensed Products and its determination to bring the Licensed Products to market if it completes the remaining clinical trials. It also underscores the progress towards the overall project objectives,” said Dr. Uttam Patil, ABVC’s Chief Executive Officer.
He added, “The team is thrilled to receive this milestone payment from its valued partner and expects the remaining $6.8M soon. In addition to the milestone payment, the collaboration between ABVC and ForSeeCon will continue to work on adding more sites for the pivotal study and ramp up the momentum for further development to get Vitargus commercialized.”
“It demonstrates the strength of our collaboration and the dedication of both teams to achieving our shared goals. This milestone represents an important step forward in our project and reaffirms our commitment to delivering innovative solutions in the Ophthalmology industry,” said Jerry Chang, CEO of ForSeeCon Eye Corporation. He added, “ForSeeCon is also working on getting the Vitargus Pilot plant facility to upgrade and receive the GMP certification.”
Management believes the Company’s product pipeline has excellent market potential. According to iHealthcare Analyst, Inc., the global market for retinal surgery devices is expected to reach $4.3 billion by 2029, at a CAGR of 7.7%, driven partly by the rising geriatric population worldwide.
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