INVO Bioscience, Inc. (OTCQB: INVO), a medical device company focused on creating alternative treatments for patients diagnosed with infertility and developers of INVOcell®, the world's only in vivo Intravaginal Culture System, today announced the appointment of two seasoned executives, Barbara Ryan and Matthew Szot, to its board of directors, effective immediately. To make way for their appointments, Kathleen Karloff and Michael Campbell have both agreed to voluntarily step down from their board positions to assist the company in achieving an independent board majority. Mr. Campbell will remain as Chief Operating Officer and Vice President of Business Development, while Ms. Karloff intends to continue to advise the board and assist the operating team on a go forward basis.
"We are pleased to add two highly experienced independent directors to our Board, which improves the governance of our Company," said Steve Shum, Chief Executive Office of INVO Bioscience. "I would like to personally welcome Barbara and Matt to the board. Barbara has extensive capital markets experience as a highly regarded Wall Street analyst and later as a consultant to a wide variety of healthcare companies. Matt is a seasoned financial executive with strong board governance and audit committee experience. I believe both will be valuable assets to the Company as we advance our mission to expand fertility treatment and access to patient care across the globe through our revolutionary INVOcell device, an affordable, scalable and effective solution."
Mr. Shum concluded, "INVO Bioscience would not be in the unique position to significantly expand the fertility industry through its revolutionary INVOcell solution if not for the hard work and dedication of Katie Karloff. I would like to thank Katie for her long-term commitment to the Company and look forward to her continued guidance in an advisory capacity."
In connection with the appointments of Ms. Ryan and Mr. Szot, along with existing independent board member, Trent Davis, Independent directors now comprise the majority of our Board and the company has established all of the key required board committees, including Audit, Compensation, and Nominating and Corporate Governance. All three of the independent directors will be members of each committee, with Mr. Szot chairing the Audit and Compensation Committees and Mr. Davis chairing the Nominating and Corporate Governance Committee.
Barbara Ryan
Ms. Ryan founded Barbara Ryan Advisors, a capital markets and communications firm, in 2012 following a more than 30-year career on Wall Street as a sell-side research analyst covering the US Large Cap Pharmaceutical Industry. Previously, Ms. Ryan was a Managing Director at Deutsche Bank/Alex Brown and Head of the company's Pharmaceutical Research Team for 19 years and began her research career covering the Pharmaceutical industry at Bear Stearns in 1982. Ms. Ryan has deep experience in equity and debt financings, valuation, SEC reporting, financial analysis and corporate strategy across a broad range of life sciences companies. During Ms. Ryan's career as an analyst, in addition to covering the large cap pharmaceutical companies, Barbara also covered the drug wholesalers and PBMs, and was the lead analyst on many high-profile IPO's including Express Scripts, PSSI, Henry Schein, and Flamel Technologies.
Ms. Ryan has extensive global buyside, sell side and financial media relationships, and has provided support and counsel on several of the highest profile deals in the biopharma industry, including Shire/Abbvie, Shire/Baxalta, and Allergan/Valeant. Barbara led the IR/PR programs for Radius Health, the best performing IPO of 2014, for 4 years, Eloxx Pharmaceuticals for the past two years and served on the Executive Team at both companies. Ms. Ryan has provided strategic communications counsel for Cardinal Health, Purdue, Zoetis, Radius Health, Eloxx Pharmaceuticals, Agenus, Centrexion, Esperion, ContraFect, Relypsa, Shire, Allergan, and Perrigo. Ms. Ryan's opinions and expertise are widely sought; she is frequently quoted in the press and appears on CNBC. Ms. Ryan currently serves on Pharmaceutical Executive 's Editorial Advisory Board, the Executive Advisory Board for the Prix Galien Foundation, is a member of the Life Sciences Council of Springboard Enterprises and is a member of the Board of Directors of Gilda's Club NYC, and a Faculty member at the GLG Institute. Ms. Ryan Chaired the Board of Villa Maria School, a school for children with learning disabilities, for 8 years. Ms. Ryan is the Founder of Fabulous Pharma Females, a non-profit dedicated to the advancement of women in the biopharmaceutical industry.
Matthew Szot
Mr. Szot is currently the Executive Vice President and Chief Financial Officer of S&W Seed Company where he has served since March 2010. Mr. Szot brings a wealth of knowledge in mergers and acquisitions, corporate strategy, equity and debt financings, corporate governance, SEC reporting and compliance, technical GAAP, and developing and implementing financial and operational workflows and process improvements. Mr. Szot also has extensive experience in international operations, joint ventures and technology license agreements. During this tenure, Mr. Szot has been instrumental in negotiating, structuring and integrating seven strategic acquisitions and raising over $200 million in equity and debt financings for the company.
Mr. Szot also serves on the board of directors and as Chairman of the Audit Committee of SenesTech, a publicly traded life science company with next generation technologies for managing animal pest populations through fertility control.
From 2007 until 2011, Mr. Szot served as the Chief Financial Officer for Cardiff Partners, LLC, a strategic consulting company that provided executive financial services to various publicly traded and privately held companies. From 2003 to 2006, Mr. Szot served as Chief Financial Officer of Rip Curl, Inc., a market leader in wetsuit and action sports apparel products. From 1996 to 2003, Mr. Szot was a Certified Public Accountant with KPMG in the San Diego and Chicago offices and served as an Audit Manager for various publicly traded companies. Mr. Szot graduated from the University of Illinois, Champaign-Urbana with a Bachelor of Science degree in Agricultural Economics/Accountancy. Mr. Szot is a Certified Public Accountant in the State of California.
About INVO Bioscience
INVO Bioscience, Inc. ("INVO") is an innovative medical device company developing solutions for the global infertility industry. INVO's goal is to increase access to care and expand fertility treatment across the globe while seeking to lower the cost and increase the availability of care. INVO's lead commercial product, the INVOcell, is a patented Assisted Reproductive Technology (ART) used in the treatment of infertility. The INVOcell device and procedure is unique as 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), the revolutionary in vivo method of vaginal incubation offers patients a more natural and intimate experience. INVO Bioscience is headquartered in Sarasota, FL. For more information, please visit http://invobioscience.com/
