OMER, ISRAEL--(Marketwired - Jul 18, 2017) - Medigus Ltd. (
The expanded distribution agreement states that Golden Grand has committed to a minimum purchase of $27 million worth of the MUSE™ system and related equipment over the course of five years, from the date of CFDA (China Food and Drug Administration) approval. Golden Grand, a Chinese company specializing in the distribution of medical devices, will now serve as the exclusive distributor for the MUSE™ systems in China. These terms replace the former distribution agreement, which included a minimum purchase of $17 million worth of systems over the course of four years.
"The expansion of our distribution arrangement with Golden Grand confirms our continued commitment to bring the MUSE system to the Chinese market, offering an innovative gastroesophageal reflux disease (GERD) treatment to the Chinese population, which was previously unavailable," said Chris Rowland, Chief Executive Officer of Medigus. "We are looking forward to our continued work with Golden Grand, and through our work together we believe we can help reduce the unmet treatment need for patients who fall within the gap between drug therapy and invasive surgical procedures."
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 a medical device company specializing in developing minimally invasive endosurgical tools and highly innovative imaging solutions. They are 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. MUSE is gaining adoption in key markets around the world -- it is available in world-leading healthcare institutions in the U.S., Europe and Israel. Medigus is also in the process of obtaining regulatory clearance in China. 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 or www.RefluxHelp.com.
This press release may contain statements that are "Forward-Looking Statements," which are based upon the current estimates, assumptions and expectations of the company's management and its knowledge of the relevant market. The company has tried, where possible, to identify such information and statements by using words such as "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "contemplate" and other similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance, although not all forward-looking statements contain these identifying words. These forward-looking statements represent Medigus' expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. By their nature, Forward-Looking Statements involve known and unknown risks, uncertainties and other factors which may cause future results of the company's activity to differ significantly from the content and implications of such statements. Other risk factors affecting the company are discussed in detail in the Company's filings with the Securities and Exchange Commission. Forward-Looking Statements are pertinent only as of the date on which they are made, and the company undertakes no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future developments or otherwise. Neither the company nor its shareholders, officers and employees, shall be liable for any action and the results of any action taken by any person based on the information contained herein, including without limitation the purchase or sale of company securities. Nothing in this press release should be deemed to be medical or other advice of any kind.
Lazar Partners Ltd.
INVESTOR RELATIONS (Israel):
Iris Lubitch/ Noam Yellin