NewGenIvf Group Limited ( NIVF ) shares are trading higher on Thursday after the company announced it secured $5.2 million in funding in order to drive international expansion, with the potential to secure up to an additional $30.8 million.

What To Know: The more than $5 million in funding will be used to establish a new fertility clinic in Dubai, which will leverage NewGen’s recently acquired Microsort technology. The facility will provide services such as IVF with gender selection, egg donation and surrogacy, serving patients from the UAE, the EU and other countries.

The company expects construction of the facility to begin in the second quarter, with its opening targeted for the fourth quarter this year.

“This strategic funding marks a significant milestone in our global expansion strategy and provides the liquidity we need to drive our long-term growth. The UAE’s progressive regulatory environment for fertility treatments allows us to offer a full suite of services, making it an ideal region for the next step of our expansion efforts,” said Sin Wing Fung Alred, CEO of NewGen.

“By capitalizing on our recently acquired Microsort technology, we plan to establish a strong presence in Dubai, which we hope will serve as a hub to reach patients from a variety of regions. This expansion represents a pivotal step in our commitment to providing world-class fertility solutions to patients around the world.”

NewGenIvf ( NIVF ) shares are trading on higher-than-normal session volume at 76.69 million. The average session volume over the past 100 days for the stock is is 1.20 million, per data from Benzinga Pro.

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NIVF Price Action: At the time of writing, NewGenIvf ( NIVF ) shares are trading 29.1% higher at $0.76, according to data from Benzinga Pro.

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