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Shares of INVO Bioscience, Inc. (NASDAQ:INVO) gained more than 202% in the regular trading session on Tuesday.
What Happened: The sharp gains came after the Sarasota, Massachusetts-based medical device company said it has amended its exclusive U.S. commercialization agreement with Ferring Pharmaceuticals.
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INVO Bioscience is focused on creating lower-cost treatments for patients diagnosed with infertility. The company’s lead product INVOCell is a patented medical device used in infertility treatment and is considered an Assisted Reproductive Technology.
It is the first Intravaginal Culture or ICV system in the world used for the natural in vivo incubation of eggs and sperm during fertilization and early embryo development, as an alternative to traditional In Vitro Fertilization and Intrauterine Insemination.
Why It Matters: The amendment of the U.S. commercialization agreement will enable INVO Bioscience to increase the number of INVO company-owned clinics initially allowable under the deal and also removes certain geographical restrictions.
In addition, the amendment has altered the annual minimum contractual product purchase requirement for 2020. Accordingly, Ferring will place a $501,000 order that will be recognized as revenue by INVO Bioscience in the first quarter of 2021.
Price Action: INVO Bioscience shares closed more than 202% higher at $9.40 on Tuesday, but lost more than 9% in after-hours trading.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.