SARASOTA, Fla., Oct. 14, 2019 /PRNewswire/ -- INVO Bioscience, Inc. (OTCQB: IVOB), a medical device company focused on creating alternative treatments for patients diagnosed with infertility & developers of INVOcell®, the first FDA-cleared Intravaginal Culture System, today announced the appointment of Steven Shum as the Company's Chief Executive Officer, effective immediately. Shum succeeds Kathleen Karloff, who is planning to retire after 12+ years with the Company as its CEO. Karloff will remain in an operational role over the near term, will continue to advise, lend guidance and support to the Company, and will remain Chair of the Board of Directors.
"It has been an honor to serve as the CEO of INVO Bioscience for the last 12 years," Karloff said. "The technology the Company has developed is revolutionizing the fertility industry by expanding access to treatment with a more natural, effective and cost-efficient solution. Over the last 3 and half years, we have attained regulatory approvals in the U.S. and key international markets, and signed a significant distribution agreement in the U.S. with one of the leaders in the marketplace, Ferring Pharmaceuticals. We believe INVO Bioscience is well-positioned to advance to the next stage of its growth under the leadership of Steve Shum. In my opinion, Steve has the passion and experience to advance a number of the key objectives we have set forth to become a leader in the industry and a more visible public company."
Mr. Shum has served as a member of the INVO Bioscience board of directors since October 2017. Most recently, Mr. Shum was interim Chief Executive Officer and Chief Financial Officer of Eastside Distilling, a Nasdaq-listed company. Mr. Shum will remain as CFO of Eastside Distilling until filing of their quarterly report on Form 10-Q for the period ending September 30, 2019, which filing is expected on or about November 14, 2019. Mr. Shum's duties as CFO of Eastside will be to assist transition of financial reporting.
Steve Shum commented, "I am extremely pleased to be named Chief Executive Officer of INVO Bioscience. I believe the Company is extremely well-positioned to expand the utilization of our proprietary INVOcell technology throughout the world through strategic partnership agreements in key international markets similar to our U.S. agreement. Further, I believe there is an opportunity to expand upon our success with INVOcell through adjacent technologies that can leverage our position in the market as a leader in fertility and women's health. I thank Katie for creating a tremendous foundation from which to build upon and am excited to lead the Company into the future. I also appreciate her willingness to remain actively involved until her planned retirement."
About INVO Bioscience®
We are a medical device company focused on creating simplified, lower cost treatments for patients diagnosed with infertility. Our solution, the INVO® Procedure, is a revolutionary in vivo method of vaginal incubation that offers patients a more natural and intimate experience. Our lead product, the INVOcell®, is a patented medical device used in infertility treatment and is considered an Assisted Reproductive Technology (ART). The INVOcell is 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) and Intrauterine Insemination (IUI). Our mission is to increase access to care and expand fertility treatment across the globe with a goal to lower the cost of care and increase availability of care. For more information, please visit http://invobioscience.com/
Infertility is "the inability to conceive after 12 months." This means that a couple is not able to become pregnant after a year of trying. However, for women aged 35 and older, inability to conceive after 6 months is generally considered infertility. According to fertilitycenter.com the ability to achieve a successful pregnancy declines with age:
Fertility declines in men after age 50.
Fertility declines in women after age 30.
Before age 25, 4% of women have difficulty achieving a successful pregnancy.
For women between 26 to 34 years, 13% have difficulty having a baby.
For women between 35 to 39 years, 25% have difficulty conceiving.
By age 40, 34% of women attempting pregnancy will have difficulty achieving pregnancy.
About 10 percent of women (6.1 million) in the United States ages 15-44 have difficulty getting pregnant or staying pregnant, according to the Centers for Disease Control and Prevention (CDC).
According to Allied Market Research, the Global Fertility Services Market was valued at $16.8 billion in 2016, and is estimated to reach at $30 billion by 2023, registering a CAGR of 9.3% from 2017 to 2023. Fertility services involve different procedures utilized to treat genetic and fertility issues and assist with conception. These services include different assisted reproductive technology (ART) methods, helping couples or single parents around the world.
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.