Here are five things to know:
1. In connection with the registration for CFDA approval and the distribution of the Medigus Ultrasonic Surgical Endostapler systems in China, Golden Grand, sub-contracted through Sinopharm, made an advanced deposit payment of $350,000 to Medigus.
2. Sinopharm currently owns the distribution rights for the MUSE system in China.
3. The MUSE System is intended for endoscopists to treat gastroesophageal reflux disease.
4. Subject to the receipt of CFDA approval, Sinopharm has committed to a minimum purchase of $17.6 million worth of the MUSE system and related equipment over the course of four years.
5. The advance deposit will be returned by Medigus if CFDA approval is not achieved during the timeframe specified.
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