The orthopedic products developer, BioGend Therapeutics Co.,Ltd., benefited from the health insurance coverage of antibiotics and the recognition of OIF contract in Japan, which boosted its May revenue to a new record of $28.74 million, a monthly increase of 530.56% and an annual increase of 1393.04%.

The company expects that with the doubling of sales of antibiotic products, the recognition of contractual payments and the steady growth of the RevoCart disposable cartilage repair system, BioGend is on track to reach its revenue target of $100 million this year.

Chairman Te-Li Chen said that after the health insurance coverage came into effect in April this year, the sales volume of antibiotics has increased by an average of 4 times compared to the past, and even jumped to 9 times in May, the total sales volume has exceeded that of last year.

BioGend is optimistic that the sales f antibiotics this year will be 6-10 times higher than last year and will be the main driver of revenue growth this year.

The Japanese company Fujimoto Pharmaceutical Corp. has signed a licensing agreement for the development of OIF, with Fujimoto being responsible for the full cost of the clinical trials and marketing of OIF in Japan. The product will be marketed with a double-digit sales profit.

The Japanese company has commenced a Phase II clinical trial for non-healing fractures through OIF and expects to release the results of the Phase II trial in the third quarter of this year.

In addition, BioGend is in the final stages of commercial negotiations with its Chinese partner and expect to sign a collaboration agreement this year. The Phase II clinical trial for tibial fractures in Taiwan and the US is in the final 10-patient intake stage and is expected to be fully completed by the end of this year.