The share price of INVO Bioscience (INVO) rallied on Tuesday 9th March 2021 and increased 202.25% after the company announced its commercialization agreement with Ferring Pharmaceuticals. Later, in extended hours, the stock was down 10% as profit-takers stepped in.
According to the company, the amendment will increase the number of INVO, company-based clinics which were initially allowable under the agreement and the amendment will remove certain geographical restrictions. INVOcell is the company’s lead product that is used in infertility treatment and is considered an Assisted Reproductive Technology. The company also revised the remaining annual 2020 minimum contractual product purchase requirement, whereby Ferring will place a $501,000 order.
About the Company
INVO was founded in 2007 and the company headquarters is in Florida united states and is making medical devices, focused on creating simplified, lower-cost treatments for patients diagnosed with infertility. The company’s new product INVO procedure is used for vaginal incubation that offers patients a more natural and intimate experience. The company`s other main product is known as INVOcell which is a patented device and is considered an Assisted Reproductive Technology (ART). It is the first device that is used for the Vivo incubation of eggs and sperm during fertilization and early embryo development as a substitute for IVC and IVF. The company’s mission is to provide fertility treatment across the globe with low-cost products.
Mr. Shum is the CEO of the company and he was appointed in October 2019. Before joining INVO in 2017 as a board member, he served as a CFO of Eastside Distilling. He has vast experience in different fields and has worked at different executive positions in many companies around the globe. He is graduated from Portland State University in 1992 after getting a B.S. in Finance and a B.S. in General Management.