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.
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