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Dr. Elizabeth Pritts, M.D., Wisconsin Fertility Institute’s Co-founder
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Steve Shum, CEO of INVO Bioscience (NASDAQ: INVO)
Financial Terms Of The Acquisition
The purchase price of the acquisition is $10 million payable over a three-year period. There will be an initial $2.5 million due in cash at closing, with subsequent $2.5 million payments due annually for the following three years. At the discretion of the sellers, subsequent payments may be paid in cash or in shares of INVO common stock valued at $6.25, $9.09, and $14.29, for the second, third and final payments, respectively.
Upon closing of the transaction, Wisconsin Fertility Institute will become a wholly owned subsidiary, and its financial statements will be consolidated with those, of INVO. Audited financial statements for the years ended December 31, 2021 and 2020, unaudited financial statements for the nine months ended September 30, 2022 and 2021, and unaudited pro forma condensed financial statements based on the combination of INVO and Wisconsin Fertility Institute’s statements of operation for the nine months ended September 30, 2022 and December 31, 2021, as well as balance sheet as of September 30, 2022, have been filed on Form 8-K with the U.S. Securities and Exchange Commission at www.sec.gov, and also available in the investor relations section of the Company’s website at www.invobio.com.
Final closing of the transactions is expected to occur in the second calendar quarter of 2023, subject to completing customary closing procedures.
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INVO announced its intention to opportunistically pursue acquisitions of established fertility clinics in the U.S. to complement its existing strategy of opening new INVO Centers and to accelerate growth. Since regaining control of INVOcell’s distribution in the U.S., INVO has engaged with over one hundred domestic IVF clinics. These interactions have yielded renewed interest in the adoption of INVOcell and the IVC procedure in existing clinics, led to new INVO Center partnership discussions and generated potential acquisition opportunities. A growing number of like-minded physicians that share INVO’s mission to democratize fertility care are now in discussions with the Company to join forces in expanding access to treatment. Management believes that acquisitions represent a logical extension of the Company’s strategy, as INVO looks to integrate profitable businesses run by established and successful physicians. Furthermore, acquisitions would allow INVO the opportunity to fully implement INVOcell and the IVC procedure within an acquired IVF center, which, in turn, would help to support the Company’s distribution business. In the pursuit of this strategy, INVO is entertaining potential acquisitions and recently signed a non-binding letter for one specific opportunity. INVO and the key principals are working to consummate the acquisition and are developing a plan to incorporate INVOcell and the IVC procedure into the clinic’s existing operations with a goal of further growing revenue and earnings. Such implementation is not expected to require significant investment since IVC procedures can be added without additional equipment, space and/or human resources. The Company also executed a non-binding letter of intent with a lender to provide non-dilutive funding payable to close the transaction.
“During the last few months, we have focused on driving improved operational performance at our existing INVO Centers and advancing the opening of new locations, while simultaneously exploring acquisition opportunities that would help add immediate and significant scale to our overall operations and accelerate our path to profitability. In our existing clinics, we continue to see growing volume in patient inquiries and consultations, a leading indicator of future IVC cycles. Based on current cycle expectations, we are anticipating third quarter clinic revenue to increase significantly compared to our second quarter results. We are actively working within our U.S. distribution business and with international partners to enhance end-market awareness and to obtain necessary regulatory approval in key markets, such as China. On the acquisition front, we are excited by the prospect of bringing one or more established and profitable fertility centers into our operations. The practitioners we are in discussion with share our vision of leveraging the INVOcell solution to expand access to fertility and agree with our position that IVF and IVC are complementary to one another,” stated Steve Shum, CEO of INVO.
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Meet the first and only FDA-cleared and CE-marked medical device for fertility treatment through intravaginal culture (IVC). IVC is an innovative approach where a woman’s body acts as a natural incubator for fertilization. And for many individuals facing fertility challenges, it opens up a new world of potential for creating a family.
INVO’s STOCK
INVO Bioscience’s stock trades under the Nasdaq ticker INVO and has traded traded with the 52-wk range of $.329 – $2.83 a. INVO 12.37M shares issued and outstanding according to yahoo finance as of today so technically a low float stock that traded 7.31 million shares today and closed at $6182, +14.42% after reaching an intraday high of $.8188.
MORE ON DR. ELIZABETH PRITTS, M.D.
Dr. Elizabeth Pritts is internationally recognized for her expertise in the treatment of fertility, fibroids, endometriosis, and endoscopic surgery. She is dual-certified in General Obstetrics and Gynecology, and in Reproductive Endocrinology and Infertility. In addition, she completed a surgical fellowship in Advanced Gynecologic Laparoscopy and Hysteroscopy. Today she is a national leader in the use of robotic surgery for gynecologic disorders.
Dr. Pritts served as an assistant professor in reproductive endocrinology and infertility at the University of Wisconsin Medical School, as a clinical fellow at the University of California at San Francisco, and as an instructor at Yale University School of Medicine. She has authored more than 70 articles for scientific publications and has lectured throughout the world on reproduction and fertility.
Dr. Pritts is regularly included in Madison Magazine’s list of Top Doctors and, since 2010, has been named to the annual list of Best Doctors in America. She is also on the board of directors for Family Health Ministries, a group that supports education and healthcare in the country of Haiti.
Dr. Elizabeth Pritts co-founded Wisconsin Fertility Institute with her husband, Dr. David Olive, in 2007. Dr. Olive retired in 2016, but Dr. Pritts (being far too young to retire) asked Dr. Gretchen Collins to join her in 2018. The two have merged their styles into what they hope is the Dream Team for their patients.
HONORS & AWARDS
- Best Doctors in America, 2009-present
- Top Doctor, Madison Magazine, 2002-present
- Top Endocrinologist in Middleton, WI by the International Association of Healthcare Professionals, 2017
- Board of Directors, Wisconsin Medical Society, 2014
- European Society of Gynecologic Endoscopy, 2014:
- Second-prize paper: The prevalence of occult leiomyosarcoma at surgery for presumed uterine fibroids: a meta-analysis
- President, Dane County Medical Society, 2011-2012
- Vice Chairman, Meriter Hospital Credentials Committee, 2013-present
- Executive Board Member, Wisconsin Adolescent Health Care Communication Program, 2010-2015
- American Red Cross Real Heroes Award, 2011
- Patient’s Choice Award, MDx Medical, 2009
- Great Minds of the 21st Century, American Biographical Institute, 2009
- Woman of the Year, American Biographical Institute, 2008
- Who’s Who Journal, Cambridge Journal, 2004-2005, 2008-2009
- World Congress of Endometriosis Annual Meeting:
- First-prize paper: Epithelial-stromal interactions induce RANTES expression in endometriosis. Zhao D, Pritts EA, Hornung D, Taylor RN, 2002
- Chosen as one of 16 international scholars for the course “Frontiers in Reproduction,” Marine Biological Laboratory, 1999
- “Clinical Excellence Award” awarded to the outstanding clinician of the graduating class of OB/GYN Residency 1998, Yale New Haven Hospital, 1998
- “Special Excellence in Endoscopic Procedures” awarded to the outstanding laparoscopist of the graduating class of OB/GYN Residency 1998, Yale New Haven Hospital, 1998
- “Hospital St. Raphael Award” given for outstanding performance by a Junior or Senior Resident at the affiliate hospital, both 1997 and 1998
CHECK OUT THIS VIDEO “Wisconsin Fertility Institute – Can’t Believe I’m His Mom”