Teva VP Ika Abravanel resigns
California's Voyage Medical will buy at least $6.5 million worth of products from Medigus.
Medigus Ltd. (TASE:MDGS) has signed a $6.5 million six-year contract to supply its disposable miniature CMOS camera to California-based cardiac medical devices manufacturer Voyage Medical Inc., which will use the micro-camera in its cardiovascular endoscope.
The micro-camera has a diameter of 1.2 millimeters, making it the world's smallest CMOS camera. Medigus manufactures the micro-camera at its plant in the Beersheva suburb of Omer. The camera employs a CMOS sensor developed by TowerJazz Ltd. (Nasdaq: TSEM; TASE: TSEM), and which is manufactured at the company's Fab2 in Midgal Ha'Emek using Tower's 0.18-micron CMOS image sensor process.
Medigus said that, in a global first, its camera will make it possible to insert a camera directly into the heart through the blood vessels, enabling Voyage Medical's proprietary endoscope to image heart tissue in real time and while performing procedures.
Medigus CEO Dr. Elazar Sonnenschein said, "This confirmation of our technology and product is an important milestone for the company. Use of disposable miniature cameras in medical procedures in organs which were not previously accessible adds a new dimension where one did not previously exist."
Under the contract, Voyage Medical undertakes to buy at least $6.5 million worth of products from Medigus. Medigus believes that the total will actually be much higher.
The contract runs through 2015, but can be terminated in the event of a material violation or bankruptcy by one of the parties. Voyage Medical can also terminate the contract under certain conditions.
Medigus and Voyage Medical agreed on development and adaptation of the CMOS camera to comply with Voyage Medical's specifications. On payment of an advance payment of $345,000 Medigus will supply Voyage Medical by the end of June 2010, 100 CMOS cameras and two control systems for this adaptation. If Medigus is unable to achieve the necessary adaptation, Voyage Medical has the right to unilaterally to cancel the contract without payment of any compensation.
Medigus's share rose 13% by midday to NIS 1.78, giving a market cap of NIS 120 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 11, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
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