(RTTNews) - Shares of INVO Bioscience, Inc. (INVO) gained nearly 75% in extended session Monday after the medical device company announced an amendment under its exclusive U.S. commercialization agreement with Ferring Pharmaceuticals.
The amendment provides for an increase in the number of INVO company-owned clinics initially allowable under the agreement and removes certain geographical restrictions.
The amendment also adjusted the remaining annual 2020 minimum contractual product purchase requirement, whereby Ferring will place a $501,000 order, which will be recognized as revenue by INVO Bioscience in the first quarter of 2021.
INVO closed Monday's regular trading at $3.11, down $0.27 or 7.99%, on the Nasdaq. The stock, however, surged $2.28 or 73.31% in the after-hours trade.
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