Medigus to Invest up to an Additional $150,000 in COVID-19 Protection Biogel Developer Polyrizon
OMER, Israel, Nov. 09, 2020 - Medigus Ltd. (Nasdaq:MDGS) (TASE:MDGS), a technology company engaged in advanced medical solutions and innovative internet technologies, today announced the signing of a non-binding term sheet for an investment in Polyrizon Ltd., a private company engaged in developing biological gels for the purpose of protecting patients against biological threats. Medigus currently holds 19.9% in Polyrizon, and following the additional investment of $100,000, Medigus will own approximately 33% of the Company on a fully diluted basis, excluding the shares that may be issued upon the deferred closing, with such holdings subject to adjustment upon the occurrence of a deferred closing. Medigus and other Polyrizon shareholders shall have the option to invest an additional aggregate amount of up to $50,000 for a period of 60 days after the initial closing.
Medigus and Polyrizon previously entered into investment and reseller agreements whereby Medigus was granted an exclusive license to resell Polyrizon’s products, focusing on a unique Biogel for protection against COVID-19, commencing once the Polyrizon’s products will receive U.S. Food and Drug Administration (FDA) approval.
Polyrizon develops highly differentiated biological gels to protect patients against biological threats and external pathogens. Future products are intended to exploit the Polyrizon’s Capture & Contain platform Technology to safely prevent allergen & virus intrusion through the upper airways and eye cavities.
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.