This is the first installment out of a total amount of $3 million
OMER, Israel, July 19, 2019 (GLOBE NEWSWIRE) -- Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company developing minimally invasive tools and an innovator in direct visualization technology, today announced it received an initial payment of $600,000 in connection with the signing of a $3,000,000 agreement with Golden Grand (Shanghai Golden Grand-Medical Instruments Ltd.) for the use and sale of the company's Medigus Ultrasonic Surgical Endostapler (MUSE™) system in China, Hong Kong, Taiwan and Macao.
Golden Grand has been Medigus' distributor of its MUSE™ systems in China since 2015. Under the terms of the agreement, in exchange for the license, training services and any goods sold, Golden Grand will pay Medigus the consideration in four installments and until the assembly of a production line in China is completed. As part of the previous distribution agreement, the company deducted $118,000 from the first payment made for the licensing and sale agreement.
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 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.
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Source: Medigus Ltd