Invo Bioscience (OTCQB:IVOB) announced that it entered into commercialization agreements covering Turkey and Jordan to support the company’s expansion into Eurasia.
The commercialization agreements are in place to spread the Lakewood Ranch, Fla.–based company’s InvoCell in vivo fertility system to the Eurasia area. Invo Bioscience said research shows that an estimated 15% to 20% of the Turkish population suffers from difficulty conceiving, which experts attribute to environmental factors.
The company entered into distribution agreements with Orcan Medical for commercialization in Turkey. Orcan is slated to become the exclusive commercial partner for InvoCell in Turkey, contingent upon minimum purchase and other requirements.
Biovate is set to be the exclusive distribution partner for InvoCell in Jordan after standard administrative requirements for supplying the device in the country are fulfilled. Financial terms of the agreements in Turkey and Jordan were not disclosed, but Invo Biosciences expects distribution to begin in both countries in 2020.
InvoCell is designed to enable egg fertilization and early embryo development to take place in a woman’s body. The company said it is approximately half the cost of traditional IVF treatment and has shown comparable pregnancy rates while it can be administered without the need to for overhead of IVF centers.
InvoCell won FDA de novo approval in November 2015 and was launched in the U.S. in April 2016. Currently, it is distributed throughout the U.S. under an $8 million agreement with Ferring Pharmaceuticals, into which the companies entered in January of this year. The device previously held CE Mark approval from 2008 to 2012, but the company shifted commercial focus from Europe to the U.S. for several years, until it received CE Mark approval again last month.
“We are extremely pleased to have established commercialization agreements with Orcan Medical and Biovate to expand our reach into the Eurasian market,” Invo Bioscience director of business development said in a news release. “Infertility is an issue throughout the entire world. Unfortunately, due to the high cost and limited access of existing treatments, many go without treatment. We believe the InvoCell solution solves these important issues and we look forward to working with the teams at Orcan and Biovate to bring our technology to the people of Turkey and Jordan.”
“The Invo Bioscience team has done a great job leveraging their previous relationships to create commercialization agreements to benefit the company,” added Invo Bioscience CEO Steve Shum. “We believe 2020 is shaping up to be an exciting year as we look to significantly expand our international efforts.”
