Benzinga | Mar 9, 2021 09:15AM EST

Invo Bioscience Stock Rallies After Amended Agreement Expands Company-Owned Clinics In US

Invo Bioscience Inc (NASDAQ: INVO) shares have gained sharply after an amendment under its exclusive U.S. commercialization agreement with Ferring Pharmaceuticals.

* The amendment provides an increase in the number of INVO company-owned clinics initially allowable under the agreement and removes certain geographical restrictions.

* Invo's lead product, the INVOcell is a medical device used in infertility treatment and is considered an Assisted Reproductive Technology.

* Steve Shum, CEO of INVO Bioscience, said, "we believe it reflects the strength of our ongoing collaboration and shared commitment to expand the use of INVOcell in the U.S."

* The amendment also adjusted the remaining annual 2020 minimum contractual product purchase requirement, whereby Ferring will place a $501,000 order.

* It will be recognized as revenue by INVO Bioscience in the first quarter of 2021.

* Price Action: INVO shares increased 94.9% at $6.12 in premarket trading on the last check Tuesday.