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INVO Bioscience, Inc. (NASDAQ: INVO) announced an amendment to its U.S. commercialization agreement with Ferring Pharmaceuticals, allowing for more company-owned clinics and removing geographical restrictions. This strategic move aims to enhance the market adoption of INVOcell, an innovative infertility treatment. Ferring will place a $501,000 product order, contributing to INVO's revenue in Q1 2021. CEO Steve Shum expressed confidence that these changes will improve access to care and increase income per procedure.
INVO Bioscience, Inc. (NASDAQ: INVO) has received approval from COFEPRIS to import its INVOcell treatment for infertility into Mexico. This approval is crucial for the company, which has established a joint venture to operate dedicated fertility clinics, starting with Positib Fertility in Monterrey. The INVOcell system offers an affordable, innovative solution for infertility, enhancing access to care in Mexico. CEO Steve Shum highlighted the significance of this step for expanding their market presence in a growing sector.
INVO Bioscience (NASDAQ: INVO) has announced its expansion into the European fertility market, securing initial orders for its INVOcell product in Madrid and Barcelona, Spain. The company will initially serve three clinics, which have started training staff. CEO Steve Shum highlighted the advantages of INVOcell, including a more efficient process for clinics and a patient-focused experience. With a CE-mark and previous successes in various global markets, INVO aims to enhance its presence in Europe, targeting the significant portion of the population affected by infertility.
INVO Bioscience (NASDAQ: INVO) has signed an exclusive distribution agreement with Galaxy Pharma Ltd. to distribute its INVOcell system in Pakistan. This innovative in vivo Intravaginal Culture System aims to meet the growing demand for affordable infertility treatments. Currently, Pakistan conducts only 6,000 IVF cycles annually, highlighting a significant market opportunity. With a population of around 212 million, the partnership is expected to enhance fertility treatment availability through Galaxy's established network of IVF and IUI facilities, benefiting countless patients.
INVO Bioscience, Inc. (NASDAQ: INVO) has shared a year-end letter to shareholders outlining 2020 challenges and transformative progress. The COVID-19 pandemic impacted commercialization efforts, but the company remains optimistic about the growth of its INVOcell® product within the $20 billion global fertility market. Key achievements include a U.S. commercialization agreement with Ferring Pharmaceuticals, successful public offering raising $11.6 million, and joint ventures for INVOcell clinics in India, Mexico, and Malaysia. Future initiatives focus on launching clinics, expanding partnerships, and enhancing marketing efforts.
INVO Bioscience (Nasdaq: INVO) has entered into an exclusive distribution agreement with idsMED Group to distribute its INVOcell system in Malaysia. This partnership aims to enhance accessibility to fertility treatments, targeting the underserved population in the region. The INVOcell system utilizes a woman's body as a natural incubator, potentially increasing patient access while lowering costs associated with traditional IVF. Distribution is set to commence in Q1 2021, contingent on purchase obligations. INVO's expansion aligns with the global underserved fertility market, impacting over 150 million couples.
INVO Bioscience, Inc. (Nasdaq: INVO) announced the formation of its Scientific Advisory Board (SAB) on Nov. 18, 2020. The SAB includes renowned fertility experts such as Tony Anderson, Amber Cooper, Karen Hammond, and Francisco Arredondo, who will guide the company in expanding INVOcell commercialization globally. CEO Steve Shum emphasized the importance of their expertise in advancing operational and educational practices. INVOcell is a unique device for in vivo egg and sperm incubation, aimed at improving fertility treatment accessibility and reducing costs.
INVO Bioscience reported Q3 2020 revenues of $336,071, marking an 11% year-over-year increase and a 37% sequential growth. The company has initiated a public offering of 3,625,000 shares at a price of $3.20 each, aiming for gross proceeds of $11.6 million. Despite positive sales momentum, the net loss for the quarter was $(1.77) million, significantly up from $(710,334) in Q3 2019. The firm ended September 2020 with a cash position of $0.9 million and is pursuing joint ventures in Mexico and India to expand its INVOcell solution.