Tel Aviv Stock Exhange, Israel - June 24, 2012
Medigus Ltd. (TASE: MDGS) announced today that it had received confirmation from the from the Ministry of Industry, Trade and Labor that the term of the research consortium known as Biomedical Photonics would be extended by an additional seven-month period, and that the budget for the extension term was approved.
The Biomedical Photonics research consortium (http://www.magnetbmp.org.il) was established in 2007 with the objective of developing generic photonic technologies in the biomedical fields for use in future products, with emphasis on the digestive system. Medigus has been a member of the consortium since its establishment. The consortium has a mixed industrial and academic membership.
Pursuant to the approval, the consortium's budget for the fifth (current) year of operation will be increased by approximately NIS 3,800,000. To best of Medigus' knowledge, its portion of the budget increase amounts to approximately NIS 580,000. The industrial members of the consortium, including Medigus, are entitled to a grant in the amount of 60% of actual expenses within the approved budget, and accordingly, Medigus' eligible grant will increase by approximately NIS 348,000.
Medigus intends to continue developing next-generation miniaturized camera technology, further to the 1.2mm and 0.99mm diameter cameras already developed in collaboration with Tower Semiconductor Ltd. under the auspices of the consortium. The cameras are intended for integration in technological demonstrators for minimally-invasive treatment developed by Medigus and the other consortium members. The members will endeavor to make innovative surgical tools with advanced endoscopic imaging technologies, and foresee that the consortium will continue to serve as fertile ground for the development of new medical procedures and the creation of related intellectual property. Medigus will also continue to collaborate with research groups which are developing markers for the early detection of colon cancer, in order to integrate Medigus' imaging technologies and building blocks in this field.