Medigus Achieved Major Milestone of Successful Procedure in China Using FDA Approved MUSE™ System
November 05 2021 - 6:43AM
Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in
advanced medical solutions, innovative internet technologies and
electric vehicle and charging solutions, today announced that it
has achieved an additional milestone as part of its licensing and
sale agreement with Golden Grand (Shanghai Golden Grand-Medical
Instruments Ltd.) for the use and sale of Medigus' FDA approved
MUSE™ system in China, Hong Kong, Taiwan and Macao.
Golden Grand informed the Company of the
completion of a successful procedure using the MUSE™ system in
which the patient left the hospital 48 hours after the procedure.
The procedure was broadcasted live on Chinese TV.
The completion of the successful procedure is
one of the Company's milestones according to the licensing and sale
agreement with Golden Grand. For achieving this milestone, Medigus
will receive a payment of $600,000, a total of $2.4 million
together with previous payments for achieved milestones, out of an
overall milestone payment of $3 million. The final milestone, for
an additional amount of $600,000, is expected during the first half
of 2022.
Medigus' strategy is to engage new partners
through similar MUSE™ system licensing and sale agreements in
additional territories worldwide.
The MUSE™ system is a single-use, flexible,
transoral stapler that merges the latest advancements in
microvisual, ultrasonic and surgical stapling. The device comes
equipped with an ultrasonic sight and range finder and a micro
ScoutCam™ CMOS camera, which enables a single physician to perform
an incisionless transoral fundoplication — the procedure intended
to treat the anatomical cause of gastroesophageal reflux disease
(GERD).
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is
a technology company focused on innovative growth partnerships,
mainly in advanced medical solutions, digital commerce and electric
vehicle markets. Medigus' affiliations in the medical solutions
arena include ownership in Polyzion Ltd and ownership in industry
4.0 company, ScoutCam Inc. The Company’s affiliates in digital
commerce include Gix Internet Ltd., Jeff's Brands Ltd. and Eventer
Technologies Ltd. In the electric vehicle market, Charging Robotics
Ltd. and Revoltz are also part of the Company’s portfolio of
technology solution providers. To learn more about Medigus’
advanced technologies, please
visit http://www.medigus.com/.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, Medigus uses
forward-looking statements in this press release when it suggests
the expected milestone payments. Because such statements deal with
future events and are based on Medigus’ current expectations, they
are subject to various risks and uncertainties, and actual results,
performance or achievements of Medigus could differ materially from
those described in or implied by the statements in this press
release.
The forward-looking statements contained or
implied in this press release are subject to other risks and
uncertainties, including those discussed in any filings with the
Securities and Exchange Commission (“SEC”). Except as otherwise
required by law, Medigus undertakes no obligation to publicly
release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. References and links to
websites have been provided as a convenience, and the information
contained on such websites is not incorporated by reference into
this press release. Medigus is not responsible for the contents of
third-party website
Company Contact: Tali DinarChief Financial
Officer+972-8-6466-880ir@medigus.com
Investor Relations Contact:Miri SegalCEOMS-IR
LLC+1-917-607-8654msegal@ms-ir.com
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