Medigus Signs a Licensing and Sale Agreement for the MUSE™ in Greater China for $3 Million The company is acting to further commercialize and engage in additional similar MUSE™ licensing and sale agreements in additional territories
OMER, Israel, June 3, 2019 - Medigus Ltd. (NASDAQ: MDGS) (TASE: MDGS), a pioneer developer of minimally invasive endo-surgical tools and an innovator in direct visualization technology, today announced the signing of a $3,000,000 agreement with Golden Grand for the know-how licensing and sale of goods for Medigus Ultrasonic Surgical Endostapler (MUSE™) system in China, Hong Kong, Taiwan and Macao.
Golden Grand (Shanghai Golden Grand-Medical Instruments Ltd.) has been Medigus’s distributor of the Ultrasonic Surgical Endostapler (MUSE™) systems in China since 2015.
Under the terms of the agreement, for the license, training services and goods sold, Golden Grand will pay Medigus the consideration in four installments until the assembly of a production line in China is completed.
The company is acting to further commercialize and engage in additional similar MUSE™ licensing and sale agreements in additional territories.
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).
Medigus is the pioneer developer of the MUSE™ system, an FDA cleared and CE marked endoscopic device to perform Transoral Fundoplication (TF) for the treatment of GERD (gastroesophageal reflux disease), one of the most common chronic conditions in the world. In 2016, the CMS established the Category I CPT® Code of 43210 for TF procedures, such as the ones performed with MUSE, which establishes reimbursement values for physicians and hospitals.
As an expert in micro-endoscopic devices, Medigus developed the Micro ScoutCam™ portfolio, which consists of a variety of micro CMOS and CCD video cameras, and includes Micro ScoutCam™ 1.2, which, to the best of Medigus’s knowledge, is the smallest camera in the world. Micro ScoutCam technology features optic and illumination solutions, micro sensors and high-end DSP video processors that can be tailored for both medical and industrial applications. Customization and seamless integration are at the forefront of the micro ScoutCam™ portfolio’s design. All Micro ScoutCam™ cameras are manufactured at the Medigus facilities, in a controlled environment which is compliant with ISO 7 per the ISO 14644-1 Standard and ISO13485 Quality Management System.
Medigus is traded on the Nasdaq Capital Market and the TASE (Tel Aviv Stock Exchange). To learn more about the company’s advanced technology, please visit www.medigus.com.