Medigus Ltd. (TASE:MDGS) yesterday signed a sales and business development deal for its products in Japan with Interdesign Inc., which specializes in representing high-tech companies in the country. Medigus has developed the SRS, a disposable endoscope for the treatment of gastroesophageal reflux disease (GERD).
Interdesign will be eligible for fees on business development and sales as set out in the agreement. The two-year contract can be extended. Medigus disclosed no other financial details, including the potential value of the deal.
Medigus places great importance on the contract because the Japanese market is a large market that is at the spearhead of medical technologies in general, and endoscopes in particular. For this reason, Japan is a strategic market for the company.
Medigus recently developed the world's smallest miniature video camera and has signed a deal with Voyage Medical Inc. for use of the camera for cardiology procedures. Medigus is also developing a new range of disposable endoscopes for treating a number of diseases. TowerJazz Ltd. (Nasdaq: TSEM; TASE: TSEM) is developing processors for this camera.
Earlier this month, Medigus raised NIS 14.2 million in a secondary offering, in which it had hoped to raise NIS 24 million.
Medigus's share price fell 1.8% in morning trading today to NIS 1.62, after rising 9.2% yesterday. The company's share cap is NIS 121 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2010
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