Medigus American depository shares were higher 6% in pre-market trade after the medical device company said Wednesday it has signed a five-year commercialization agreement in Spain with Izasa Hospital, SLU, a distributor of medical products in the hospital sector. The agreement took effect July 1. Izasa Hospital SLU is required to purchase a minimum of EUR1.4 million ($1.6 million) of Medigus Ultrasonic Surgical Endostapler (MUSE) equipment over the course of the agreement.
The MUSE system, cleared by the U.S. Food and Drug Administration and CE marked, 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.