Benzinga | Mar 8, 2021 04:11PM EST

INVO Bioscience Reports Amendment Under Its Exclusive US Commercialization Deal With Ferring Pharma, Allows For Increase In Number Of INVO-Owned Clinics Initially Allowable Under Deal, Removes Certain Geographical Restrictions

INVO Bioscience, Inc. (NASDAQ:INVO), a medical device company focused on commercializing the world's only in vivo Intravaginal Culture System (IVC), INVOcell(r), an effective and affordable treatment for patients diagnosed with infertility, today announced an amendment under its exclusive U.S. commercialization agreement with Ferring Pharmaceuticals. The amendment provides for an increase in the number of INVO company-owned clinics initially allowable under the agreement and removes certain geographical restrictions.



Steve Shum, CEO of INVO Bioscience, commented, "We are pleased to have successfully completed this amendment with our U.S. partner, Ferring. We believe it reflects the strength of our ongoing collaboration and shared commitment to expand the use of INVOcell in the U.S. We also believe our dedicated clinic approach is an important complementary channel to accelerate awareness and market adoption of INVOcell and in our opinion will allow us to capture additional per-procedure income. In our view, this strategy will increase industry capacity, affordability and facilitate greater access for patients. We expect to report on our initial U.S. activities in the near future."

The amendment also adjusted the remaining annual 2020 minimum contractual product purchase requirement, whereby Ferring will place a $501,000 order, which will be recognized as revenue by INVO Bioscience in the first quarter of 2021.