Agreement includes minimum purchase
obligations upon product registration and approval
SARASOTA, Fla., May 16, 2022
/PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq: INVO) ("INVO" or the
"Company"), a commercial-stage fertility company focused on
expanding access to advanced treatment worldwide with its
INVOcell® medical device and the intravaginal culture
("IVC") procedure it enables, today announced it has entered an
exclusive distribution agreement with Onesky Holdings Limited
("Onesky") for Mainland China (excludes Hong Kong, Macau and Taiwan).
Onesky will be responsible to register the product in the
country, and upon government approval, will be obligated to
purchase minimum quantities of INVOcell totaling approximately
$14 million over the initial
five-year term after approval. Customary additional terms and
conditions apply, including term renewals.
"We are excited to enter this distribution agreement with Onesky
to bring INVOcell to Mainland China," commented Steve Shum, CEO of INVO. "China clearly represents a large addressable
market opportunity for INVOcell, and as a result we have been
diligent in our partnerships efforts to ensure we have the best
partner to achieve success with. Following extensive due diligence,
we believe Onesky has the unique capabilities necessary to drive
adoption of INVOcell in China
through their large network of OBGYNs and reproductive specialists
which have relied upon Onesky for many years as a trusted vendor.
We look forward to successfully completing product registration and
deploying INVOcell within the China marketplace."
According to reports, China has
seen its infertility population grow to approximately 50 million
with about one in six people of childbearing age facing fertility
challenges – this is higher than the global average of one in eight
people. Growing infertility together with forecasted population
decreases were key to the Chinese government's decision to put an
end to the one-child policy that had been in effect for several
decades, increasing the limit to two children in 2016 and to three
children in 2018. China also has invested significantly in
the domestic market for fertility services, which is the largest in
the world in terms of annual treatment cycles.
About Onesky Holdings Limited
Onesky Holdings Ltd is the holding company focusing on R&D,
Manufacturing, Distribution and After-Sales Service of RO medical
equipment, all operated by its affiliates. Strategically located in
Guangzhou City of China and legally incorporated in Hong Kong, the corporate office of Onesky
manages the daily operation of a nation-wide distribution network,
an ISO13485 compliant production facility as well as an R&D
center. Their product portfolio includes Radiation Therapy
Disposables, Imaging, Women's Health, Rehabilitation, and
Surgery.
With respect to distribution, OneSky's is one of the largest
suppliers of radiation therapy third party products in China, selling both domestic and imported
medical devices to 150+ 3A hospital users and more than 200
regional sub-distributors all over China. OneSky's own thermoplastic products are
also distributed to 15+ countries in Asia and Europe. All products are NMPA, FDA and CE
approved.
The Parent company of Onesky is Biomedic Medical Group. Biomedic
Medical Group is an international MedTech holdings company
incorporated in 2002 in Hong Kong,
with business arms covering both Radiation Oncology and minimal
invasive ablation of tumors and veins. The Radiation Oncology
business is operated by "Onesky Holdings Limited", while the
minimal invasion arm being 'Minimax Medical Limited'. Minimax
operates an affiliated R&D centre in the States, and a high
frequency device production facility in Nanjing City of China to
conduct independent OEM businesses and self-brands products
distributed by Minimax itself, among other imported minimal
invasive products from the US and EU.
Biomedic also has a separate investment arm that invest in
pre-IPO equity of European companies covering the field of surgical
robots, mRNA and volatile organic compounds.
About INVO Bioscience
We are a commercial-stage fertility company dedicated to
expanding the assisted reproductive technology ("ART") marketplace
by making fertility care accessible and inclusive to people around
the world. Our primary mission is to implement new medical
technologies aimed at increasing the availability of affordable,
high-quality, patient-centered fertility care. Our flagship product
is INVOcell®, a revolutionary medical device that allows
fertilization and early embryo development to take place in vivo
within the woman's body. This treatment solution is the world's
first intravaginal culture technique for the incubation of oocytes
and sperm during fertilization and early embryo development. This
technique, designated as "IVC", provides patients a more natural,
intimate, and more affordable experience in comparison to other ART
treatments. We believe the IVC procedure can deliver comparable
results at a fraction of the cost of traditional in vitro
fertilization ("IVF") and is a significantly more effective
treatment than intrauterine insemination ("IUI"). Our
commercialization strategy is focused on the opening of dedicated
"INVO Centers" offering the INVOcell® and IVC procedure
(with three centers in North
America now operational), in addition to continuing to
distribute and sell our technology solution into existing fertility
clinics. For more information, please visit www.invobio.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.