Medigus Receives First Substantial Commercial Order for its Integrated Visualization Device
OMER, Israel, July 12, 2019 - Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company developing minimally invasive tools and an innovator in direct visualization technology, today announced that following the development agreement with A.M. Surgical, Inc., an orthopedic company that develops and markets minimally invasive surgical devices for upper & lower extremity surgery, the company has achieved the additional milestone and received an order for 1,400 units of the integrated visualization device being developed under the terms of the agreement.
According to the development agreement, Medigus was required to develop and manufacture an integrated visualization device based on its micro ScoutCam™ technology to work with Stratos™, A.M.'s Surgical product for endoscopic procedures.
By achieving this milestone, as part of the agreement, Medigus is moving on to the next milestone which includes the production of the first two batches of the integrated visualization device. The company will manufacture 1,400 units of the device, according to the agreements. The agreed payment for these milestones is $650,000.
"We are pleased with the progress we have made so far in our development partnership with A.M. Surgical," stated Liron Carmel, Chief Executive Officer of Medigus. "We are confident that the integration of our micro ScoutCam™ technology with the Stratos could provide surgeons with a powerful device to help their patients live with less pain."
The Medigus/A.M Surgical integrated visualization device may have the long-term potential of offering a higher level of surgical control and visualization during endoscopic carpal tunnel release for hundreds of thousands of procedures annually in the US.
The micro ScoutCam™ portfolio of products includes a range of video cameras with small diameter heads that use CMOS (complementary metal oxide semiconductor) based sensors. These innovative cameras are suitable for both medical and industrial applications. Medigus designs and manufactures endoscopic and micro camera systems for partner companies, including major players in the medical and industrial fields. Medigus is committed to provide integrated solutions to meet its customer's imaging needs.
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.