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Medigus Achieved Major Milestone of Successful Procedure in China Using FDA Approved MUSE™ System

The successful procedure, performed by Golden Grand and broadcasted live on Chinese TV, will support the Company’s campaign to obtain additional licensing and sale agreements world-wide. Golden Grand payments to Medigus to total $2.4 million

Tel Aviv, Israel, Nov. 05, 2021 (GLOBE NEWSWIRE) — Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, today announced that it has achieved an additional milestone as part of its licensing and sale agreement with Golden Grand (Shanghai Golden Grand-Medical Instruments Ltd.) for the use and sale of Medigus’ FDA approved MUSE™ system in China, Hong Kong, Taiwan and Macao.

Golden Grand informed the Company of the completion of a successful procedure using the MUSE™ system in which the patient left the hospital 48 hours after the procedure. The procedure was broadcasted live on Chinese TV.

The completion of the successful procedure is one of the Company’s milestones according to the licensing and sale agreement with Golden Grand. For achieving this milestone, Medigus will receive a payment of $600,000, a total of $2.4 million together with previous payments for achieved milestones, out of an overall milestone payment of $3 million. The final milestone, for an additional amount of $600,000, is expected during the first half of 2022.

Medigus’ strategy is to engage new partners through similar MUSE™ system licensing and sale agreements in additional territories worldwide.

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).