Medigus Ltd. – American Depositary Share (NASDAQ:MDGS) has signed a distribution agreement with Italy-based INNOVAMEDICA S.p.A, as it continues to look for new markets for its flagship product. Under the terms of the agreement, the privately owned distributor is to purchase at least €1 million worth of the Medigus Ultrasonic Surgical Endostapler (MUSE™) equipment.
The agreement should go a long way in popularizing the Medigus flagship product in Italy as well as other countries in the region. The four-year agreement will come into effect on January 1st 2017 according to INNOVAMEDICA S.p.A President Marco Cavalli.
“The Medigus MUSE system addresses a growing need in Italy by offering a patient-friendly solution for a widespread disorder such as GERD. We feel that our customers and their patients can greatly benefit from the use of this minimally invasive treatment option,” said Mr. Cavalli.
MUSE is a single use transoral stapler designed to allow physicians perform incisionless transoral fundoplication, a procedure normally used to treat the primary cause of gastroesophageal reflux disease. The device comes with an ultrasonic sight and range finder as well as CMOS Camera that the company says allows physicians conduct the operation with ease and high level of precision.
Separately the company recently appointed industry veteran, Eitan Machover, into its board of directors. Mr. Eitan will also join Medigus audit committee in a move that seeks to ensure the company complies with the NASDAQ requirement of three independent directors.
Mr. Machover joins Medigus with 30 years’ worth of leadership experience in healthcare that the company hopes to take advantage of.
Meanwhile, Medigus Ltd. – American Depositary Share (NASDAQ:MDGS) is trading at highs of $1.11 a share having rallied by more than 9% in Wednesday trading session. The stock is currently down by 58.85% for the full year. It awaits to be seen if the stock will hold on to the recent impressive run and break above its current tight trading range of between $1.2 and $1.78 a share ahead of 52-week highs of $3.39 a share.