INVO Bioscience Inc. (NASDAQ: INVO), a medical device company focused on commercializing the world’s only in vivo culture system (IVC), INVOcell®, an affordable and effective infertility treatment, announced today that it has completed the acquisition of a Canadian-based entity that was originally formed to offer INVOcell in Canada. The entity had previously completed a number of important procedures and documentation necessary to establish INVOcell within clinical operations in Canada. INVO Bioscience anticipates leveraging this entity to advance the distribution of INVOcell, and take advantage of the existing product registration which approved the device for sale based on 5-day incubation in the Canadian market. In addition, the Company is initiating the development of joint ventures to establish INVO Centers within the Canadian marketplace, similar to U.S. and Mexico markets, to further drive accelerated adoption of the INVOcell solution while also increasing much-needed capacity and patient access within the fertility industry.
Steve Shum, CEO of INVO Bioscience, commented, “We believe Canada offers an excellent opportunity to further expand our distribution efforts of INVOcell while also advancing our joint-venture-based INVO Center model. With roughly 16% (or 1 in 6) couples in Canada experiencing infertility, a number that has doubled since the 1980s, and with a population of 37.74 million, Canada represents a sizable market opportunity. Canada also faces similar issues that hamper other parts of the world, including a large underserved population, access/capacity constraints, and affordability challenges. We appreciate the key individuals in Canada that originally created this entity to help promote and bring our INVOcell technology into the marketplace and look forward to bringing greater resources to advance this effort. We anticipate this acquisition will serve as a platform to help accelerate building INVOcell’s presence in Canada.”
The original principals of the acquired entity have also committed to working with the Company on an ongoing basis. This includes Ric Ross, a certified clinical embryologist with over 20 years of experience working in IVF clinics in multiple regions. Ric brings strong experience with INVOcell and how to successfully implement the technology within a lab setting. According to Ric, “I’m a firm believer in INVOcell and its ability to solve some of the key challenges we face in this industry with treating more patients and at an affordable price. I’m excited to now be working more closely with INVO directly to help drive INVOcell’s utilization in the Canada market, similar to their efforts in the U.S. market.”
The purchase price consisted of (a) Cash in the amount of $25,000, and (b) 30,000 shares (the “Shares”) of common stock. In addition, we have provided an incentive provision under which additional shares of common stock can be issued for each clinic that is established and employs the INVO procedure in which the original Canadian entity shareholders provide support. For complete details please view the 8k filing at sec.gov.
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Source: Biospace