SARASOTA, Fla., Jan. 15, 2021 /PRNewswire/ -- INVO Bioscience, Inc. (NASDAQ: INVO), a medical device company focused on commercializing the world's only in vivo Intravaginal Culture System (IVC), INVOcell®, an effective and affordable treatment for patients diagnosed with infertility, today announced it has entered an exclusive distribution agreement with Galaxy Pharma Ltd. to distribute the INVOcell system within Pakistan. Galaxy Pharma is a leader in providing products and services to the country's current full-service In Vitro Fertilization (IVF) facilities, and has joint ventures operating an additional 21 facilities focused on administering Intrauterine Insemination (IUI) via OBGYN's.
"Pakistan represents a rapidly growing opportunity for INVOcell," commented Steve Shum, CEO of INVO Bioscience. "The demand for infertility treatment in the country far surpasses the current capacity to service these patients through the available resources and capacity of IVF. The opportunity to offer the simplicity and effectiveness of the INVOcell solution, an efficient treatment technology with reduced infrastructure requirements, through existing IUI facilities provides a pathway to expand the overall addressable market. Partnering with Galaxy Pharma, the clear market leader in Pakistan, provides us with an ideal opportunity to meet the needs of the millions of potential patients that currently go untreated. We have already begun the necessary product registration process and upon completion will immediately begin working closely with Galaxy and their team to begin clinic introductions, training, sales and product delivery in the country. "
With a population of approximately 212 million people, Pakistan is the fifth most populous country in the world. Currently, only 6,000 IVF cycles are conducted annually through 25 IVF centers which are located across just five out of the 25 major cities within the country.
"Galaxy Pharma was an early pioneer in the emerging fertility industry within Pakistan and has not only established itself as the clear leader in the country but has also positioned itself as a comprehensive service and products supplier," commented Mike Campbell, COO and VP Business Development of INVO Bioscience. "While the market that is being served is comparatively small currently, we believe the opportunity is sizable and Galaxy Pharma holds a unique position in the marketplace. Galaxy Pharma has been actively involved in supporting the development of IVF centers with 21 out of the current 25 IVF centers being complete turnkey projects accomplished by Galaxy. They are also involved in accredited training programs for gynecologists and have created local joint ventures with 21 IUI clinics that actively perform approximately 5,000 IUI cycles each year. Interestingly, these IUI facilities have andrology labs, and Galaxy's partners have already been trained for ovarian stimulation, IUI and IVF. Collectively, this is where we, and Galaxy, see a great opportunity to bring INVOcell into these centers as an additional or alternative option beyond IUI, as well as take advantage of the larger number of OBGYN's to help increase available capacity, and care, to the underserved patients in need of a more advanced treatment option," concluded Campbell.
About Galaxy Pharma
Galaxy Pharma was established in 2003 and today is one of Pakistan's leading pharmaceutical companies in the field of Gynecology and Oncology. Galaxy has exclusive marketing and distribution rights in Pakistan from many of the world's leading multinational pharmaceutical companies. In addition to servicing almost all IVF centers in Pakistan, the company also has established joint venture agreements to operate 21 fertility centers focused on performing intrauterine insemination, or IUI, which are also trained on ovarian stimulation. Overall, the company has a network of distribution offices in 46 cities, with over 200 sales and 35 field staff. For more information, please visit http://www.galaxypharma.com/.
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 the availability of care. For more information, please visit https://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.
SOURCE INVO Bioscience, Inc.