OMER, Israel, May 06, 2020 – Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company developing minimally invasive tools and an innovator in direct visualization technology, today announced that following the signing of a binding letter of intent with Polyrizon Ltd., a private company engaged in developing biological gels for the purpose of protecting patients against biological threats, it has been informed by Polyrizion regarding the filing of the US patent application.

The patent application, US application no. 2005/0281775, refers to formulations and methods for preventing association or interaction of viruses with a mucosal membrane and for removal of viral particles therefrom. This invention relates particularly to “formulations and methods for preventing viral infections by Coronavirus”.

Coronavirus 19 disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus called SARS-CoV-2. The coronavirus disease is transmitted mostly by inhalation or contact with SARS-CoV-2 infected surfaces or contact with infected droplets from saliva or discharge from the nose and the incubation period ranges from 2 to 14 days. Polyrizon’s method augments an epithelial mucosal barrier by contacting the barrier with a topical composition which comprises a mucoadhesive polymer.

In April 2020, Medigus announced the signing of binding letter of intent with Polyrizon Ltd. As part of the principal terms of the letter of intent, Medigus and Polyrizon will enter a commercial arrangement for the joint marketing and commercialization of Polyrizon products based on a revenue share model, focusing on a unique Biogel for the protection from COVID-19 virus. The commercial arrangement grants Medigus an exclusive right to market, resell and distribute Polyrizon’s products for a period of four years, commencing upon and subject to receipt of the requisite FDA approvals for the products. In addition, the letter of intent provides for an initial investment by Medigus in Polyrizon which would grant Medigus 20% of Polyrizon’s currently issued and outstanding share capital, and the option for an additional investment that would provide Medigus with additional shares constituting 30% of Polyrizon’s current issued and outstanding share capital.