A spike in INVO Bioscience, Inc’s (NASDAQ: INVO) stock price after-hours drove its price up 83.28% on Monday. In regular sessions, through the end of trading, the stock dropped -7.99% to close the trading at $3.11. The stock price surge occurred after the company announced that it has revised its exclusivity agreement so that it could open more of its own clinics.
How will the company benefit?
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Being a medical device company, INVO is committed to creating simple, low-cost treatments for patients suffering from infertility. A revolutionary in vivo method of incubation provided by INVO Procedure engages patients in a more intimate and natural experience. The company’s lead product, the INVOcell, is an assisted reproductive technology (ART) and is a patented medical device used in infertility treatment. This is the first IVC system in the world, for the natural in vivo induction of eggs and sperm, as an alternative to traditional IVF & IUI.
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Yesterday, INVO Bioscience announced it had amended its agreement with Ferring Pharmaceuticals regarding exclusive U.S. commercialization. Under the amendment, the number of INVO-owned clinics initially allowed will increase. Additionally, particular geographical restrictions will be removed.
INVO Bioscience CEO Steve Shum commented that Ferring and INVO have been able to complete this amendment and our commitment to ensuring INVOcell will be used as widely as possible in the U.S. is reflected in the strength of our ongoing collaboration. Also, INVO’s dedicated clinic approach enables the company to capture additional per-procedure income, thereby accelerating market adoption of INVOcell. The company expects its initial U.S. activities to provide greater access for patients by increasing the industry’s capacity, affordability, and accessibility.
Also, the amendment altered the required minimum contractual purchase requirements for 2020, which will be met by Ferring by placing a $501,000 order.
