Invo Bioscience Inc (NASDAQ: INVO) shares have gained sharply after an amendment under its exclusive U.S. commercialization agreement with Ferring Pharmaceuticals.
The amendment provides an increase in the number of INVO company-owned clinics initially allowable under the agreement and removes certain geographical restrictions.
Invo's lead product, the INVOcell is a medical device used in infertility treatment and is considered an Assisted Reproductive Technology.
Steve Shum, CEO of INVO Bioscience, said, "we believe it reflects the strength of our ongoing collaboration and shared commitment to expand the use of INVOcell in the U.S."
The amendment also adjusted the remaining annual 2020 minimum contractual product purchase requirement, whereby Ferring will place a $501,000 order.
It will be recognized as revenue by INVO Bioscience in the first quarter of 2021.
Price Action: INVO shares increased 94.9% at $6.12 in premarket trading on the last check Tuesday.
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