Medigus Achieved Major Milestone of Successful Procedure in China Using FDA Approved MUSE™ System
November 05 2021 - 9:21AM
InvestorsHub NewsWire
The successful
procedure, performed by Golden Grand and
broadcasted live on Chinese TV, will support
the Company's campaign to
obtain additional licensing and sale agreements
world-wide. Golden Grand payments
to Medigus to total $2.4
million
Tel Aviv, Israel, Nov. 05, 2021 -- InvestorsHub
NewsWire -- 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 Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com
Investor Relations Contact:
Miri Segal
CEO
MS-IR LLC
+1-917-607-8654
msegal@ms-ir.com
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