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ABVC Announces the Approval of the Plan for GMP Production Facilities of Vitargus by Taiwan Science Park Administration
FREMONT, CA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company specializing
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company specializing in therapeutic solutions in oncology/hematology, neurology, and ophthalmology, announced that the Science Park Administration in Taiwan approved the plan for setting up a pilot Good Manufacturing Practice (GMP) facility to produce Vitargus®, a groundbreaking product in retinal detachment surgery, and to pursue the process development work for manufacturing optimization. The plan, proposed by ABVC's Taiwan affiliate and co-development partner, BioFirst Corporation, is to upgrade Vitargus’® manufacturing processes so that ultimately, it can handle the global market supply of Vitargus®. The factory is located in Hsinchu Biomedical Science Park, Taiwan and BioFirst Corporation is targeting to complete the construction in 2024. BioFirst Corporation is dedicated to researching, developing, manufacturing, marketing, and securing exclusive global rights for innovative patented medical products. BioFirst Corporation has secured exclusive global rights for three Ophthalmology products from the National Health Research Institutes (NHRI). Among them, we believe that Vitargus®, a Vitreous Substitute, is the most advanced R&D product and is the first biodegradable hydrogel product used in retinal detachment surgery. \"Vitargus® has successfully completed the feasibility study in Australia and was approved by the Australian Therapeutic Goods Administration (TGA) to initiate the next phase of trials, which is vital to obtaining approval of Vitargus® in Australia,\" said the CEO of ABVC, Dr. Uttam Patil. \"By developing our facility’s infrastructure, we expect to significantly reduce expenses associated with the ongoing trial and ensure streamlined production processes, minimize costs associated with contracting external CROs, ensure enhanced efficiency, all of which we believe will increase profitability for ABVC BioPharma and its investors. Obtaining necessary Medical Devices GMP and International Organization for Standardization (ISO) certifications is ABVC’s priority, reinforcing our commitment to quality and compliance.\" 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, in part, ...