Medigus completed $8M private placement by OrbiMed
Omer, Israel - March 4, 2013
Medigus Ltd (TASE: MDGS) announced today that it had closed an $8 million investment by OrbiMed Israel Partners LP. Upon the closing of the investment, Dr. Nissim Darvish, senior managing director at OrbiMed Israel, was appointed chairman of the board of directors of Medigus.
"We are proud to welcome OrbiMed as our largest shareholder, and are grateful for the fund's confidence in our company and for its vision," said Medigus' CEO Dr. Elazar Sonnenschein. "At the critical juncture currently occupied by the company, namely the transition from R&D operations to the commercial marketing our systems in several world markets, the great expertise and financial liquidity offered by OrbiMed will help the company maximize the commercial potential of its technology and products, and will be particularly helpful in promoting sales of our SRS™ innovative endoscopy system for the treatment of Gastroesophageal Reflux Disease (GERD) in the US, Europe and East Asia."
Minimally-invasive surgery is a dominant field in medicine today. Medigus is uniquely positioned in the GERD treatment field due to the combination of its revolutionary technology, high-quality medical systems, and an experienced and skilled workforce. The collaboration between Medigus and OrbiMed will result in added value for the company's commercialization and development efforts, towards assuming a leadership role in the global healthcare market. senior managing director at OrbiMed Israel, was appointed chairman of the board of directors of Medigus.