Invo Bioscience (OTCQB:IVOB) announced today that it acquired a Canadian-based entity formed to offer its InvoCell platform in Canada.
The unnamed entity previously completed a number of important procedures and the documentation required to establish InvoCell within clinical operations in Canada, according to a news release. The acquisition included a $25,000 cash payment and 30,000 shares of common stock, plus an incentive provision under which additional common stock shares can be issued for each clinic established that employs the Invo procedure in which the original Candian entity shareholders provide support.
Sarasota, Florida-based Invo Bioscience plans to leverage the newly acquired entity to advance the distribution of the Invocell infertility treatment platform and take advantage of the existing product registration in the Canadian market. The company will also initiate the development of joint ventures to establish Invo Centers within the Canadian market, much like those that exist in the U.S. and Mexico, to drive accelerated adoption while increasing capacity and patient access.
Invo Bioscience develops the InvoCell system for incubating eggs and sperm during fertilization during early embryo development, operating within a woman’s body.
“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,” Invo Bioscience CEO Steve Shum said in the release. “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.”