INVO Bioscience Receives Registration Approval for INVOcell in Turkey
SARASOTA, Fla., July 16, 2020 /PRNewswire/ -- INVO Bioscience, Inc. (OTCQB: INVO), ("the Company", "INVO") a medical device company focused on creating alternative treatments for patients diagnosed with infertility and developers of INVOcell®, the world's only in vivo Intravaginal Culture System, received product registration approval for INVOcell in Turkey, paving the way for commercialization efforts to begin in the country.
In November 2019, INVO Bioscience and Orcan Medical, a leading medical distributor to large medical device companies including St. Jude Medical, Cooper Surgical, and Clarus within Turkey, entered into an exclusive commercial partnership for INVOcell in Turkey. The agreement required product registration within country which has now been received. The exclusive agreement with Orcan Medical for Turkey is contingent upon minimum purchase and other requirements.
Turkey, and the Eurasia region, has a growing middle-class population, yet is experiencing a multi-decade decline in birth rate according to The World Bank. The decline in fertility rates in Eurasia at large, and Turkey in particular, has pushed governments to allocate more resources to combating the issue. According to research, an estimated 15% to 20% of the Turkish population suffers from the difficulty of conceiving.
Steve Shum, CEO of INVO Bioscience, commented, "We are pleased to have achieved this important registration approval for Turkey which enables our distribution partner, Orcan Medical, to now begin commercialization efforts in the country. Similar to other regions around the world, the people of Turkey are faced with increased infertility rates and challenges to receiving treatment, including access to care and cost of treatment. As the world's only Intravaginal Culture System, INVOcell, a streamlined treatment solution, is uniquely positioned to address the challenges within the infertility industry."
The INVOcell System
The INVOcell system is a novel fertility treatment that uses a woman's own body as a natural incubator for the incubation of eggs and sperm during fertilization and early embryo development. INVO Bioscience believes this process is cost-effective and has shown highly effective pregnancy rates and may have the ability to significantly increase patient access. The Company further believes the INVOcell system helps eliminate the need for costly infrastructure and overhead associated with IVF, one of the primary hindering factors to fertility treatment capacity. The Company's unique in vivo fertilization process also has the potential to serve as a powerful motivator for many patients with religious and/or cultural concerns.
Fertility Treatment Market
Worldwide, the fertility treatment market is severely underserved. Currently, only 1% to 2% of the estimated 150 million infertile couples worldwide are treated, with the primary prohibiting factor being cost and access to treatment.
About INVO Bioscience
INVO Bioscience, Inc. (OTCQB: INVO) ("INVO") is an innovative medical device company developing solutions for the global infertility industry. INVO's goal is to increase access to care and expand fertility treatment across the globe while seeking to lower the cost and increase the availability of care. INVO's lead commercial product, the INVOcell, is a patented Assisted Reproductive Technology (ART) used in the treatment of infertility. The INVOcell device and procedure is unique as the first Intravaginal Culture (IVC) 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 (IVF), the revolutionary in vivo method of vaginal incubation offers patients a more natural and intimate experience. INVO Bioscience is headquartered in Sarasota, FL. For more information, please visit http://invobioscience.com/.
Safe Harbor Statement
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings at www.sec.gov. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE INVO Bioscience, Inc.