Israel’s Medigus lands FDA win for new MUSE acid reflux treatment

March 25, 2014 By Arezu Sarvestani Leave a Comment

Israel-based Medigus lands FDA win for new MUSE acid reflux treatment

Israel-based Medigus (TLV:MDGS) won FDA clearance for the next generation of its MUSE technology, a minimally invasive technology for performing surgeries to treat acid reflux disease.

The new device features an enhanced user interface and new updates to its endoscopic camera, as well as a motorized stapling system, alignment controls and a more compact console. Previous features such as the ultrasound guidance system remain in place, according to a press release.

"This is an important achievement in our 2014 strategic plan, and allows us to focus on the implementation of a scalable commercial, clinical and physician training model through the establishment of "centers of excellence" in the U.S.," Medigus CEO Chris Rowland said in prepared remarks. "It also positions our company for sustained, significant long-term growth and becoming a leader in the field of minimally invasive endosurgical devices."

The news preceded a giant hike in the company’s MDGS shares. When Medigus announced the FDA win on March 23, the company’s stock gained 17.3% by the end of the day to close at ILS64.30 ($18.45), compared with a close of ILS54.80 ($15.73) the night before. Shares settled down a bit, dropping 5.8% to close today at ILS59.90 ($17.19).

Medigus has been on a roll, landing its original FDA win in May 2012 and touting 2 funding rounds worth a collective $15 million last year.

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