|By PR Newswire||
|February 12, 2014 05:00 AM EST||
OMER, Israel, Feb. 12, 2014 /PRNewswire/ -- Medigus Ltd. (TASE: MDGS), a medical device company developing minimally invasive endosurgical tools and procedures, reveals additional details regarding its commercial strategy, including rebranding its flagship product MUSE™, formerly the SRS System. Through this strategy, CEO Chris Rowland shared his plans to reposition Medigus at the forefront of minimally invasive trans oral surgical procedures and place Medigus on track for ambitious commercial expansion.
"Our main objective continues to be the commercial launch of our flagship product, the MUSE™ system in key markets around the world," said Rowland. "MUSE™ provides physicians with an incisionless solution for the treatment of GERD compared to the traditional fundoplication surgeries, making it a more efficient and cost-effective procedure."
MUSE™, an intuitive endoscopic platform that consists of a single use surgical endostapler, equipped with a proprietary miniature camera, an ultrasonic sight and a range finder, performs a true surgical anterior fundoplication in a less invasive way, compared to other methods. This approach uses standard surgical staples with clinical data comparable to current surgical procedures. Furthermore, the system is a single-operator, out-patient procedure and offers patients the potential to eliminate lifelong medication, in addition to less hospital readmissions and hospitalizations, and reduced costs to the healthcare system.
In addition to the nearly 100,000 laparoscopic anti-reflux procedures performed in the U.S., the potential for MUSE™ in the U.S., which comprises about 20% of the global market, is roughly 24 million GERD patients. Medigus has identified a major "therapy gap" among this population, consisting of over 4 million people in the U.S., whom it believes will benefit most acutely from the MUSE™ system. These are patients who are not satisfied with their daily PPI medication to combat the symptoms of GERD, but have not decided on the more traditional surgical treatment.
Medigus' commercialization strategy is intended to generate initial MUSE™ system revenues in key markets during 2014. The strategy will focus on the following areas:
- Maintaining existing FDA and CE approvals;
- Pursuing clinical and peer-review publication goals to increase credibility and physician awareness while promoting insurance reimbursement recognition;
- Development of a scalable commercial model including establishing 10 "centers of excellence" in the U.S. and 10 in Europe utilizing the MUSE™ system by the end of 2014;
- Formulation of a clinical advisory board with key opinion leaders in gastroenterology and surgery;
- Establishing a sustainable training program involving 'Key Opinion Leaders' in relevant fields;
- Rebranding the SRS™ system as the MUSE™ system and enhancing communication;
- Increasing presence in target markets, including the recent establishment of a U.S. office in the Bay Area and the appointment of a VP tasked solely with managing the company's European operations;
- Expanding local distribution channels in other markets.
"Our ambitious data plan is already making an impact with our target market in the U.S. and Europe and we will continue to drive research that supports MUSE™ as a tool that is as effective and safe when compared to the current surgical treatments," Mr. Rowland said. "MUSE™ may also reduce costs for insurers and hospitals as the procedure is less invasive and can be completed on an outpatient basis. Medigus will continue to provide ongoing commercial and clinical validation regarding MUSE's safety, efficacy and cost value, supported by upcoming data and expected journal publications including abstracts at the 2014 Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) and Digestive Disease Week (DDW) medical meetings," Mr. Rowland continued.
Medigus is leading the transition from invasive gastric surgery procedures to less invasive, patient-friendly techniques through the development of minimally invasive endoscopic devices and procedures. The company's revolutionary MUSE™ system enables endoscopists to treat gastroesophageal reflux disease (GERD), a chronic disease with increasing global prevalence, by performing a fundoplication procedure through the mouth. Unlike current fundoplication procedures, the MUSE™ system does not require abdominal incisions, which may result in shorter post-procedure recovery. The MUSE™ endoscopy system has received FDA clearance and CE mark. Medigus is traded on the TASE (Tel Aviv Stock Exchange). To learn more about the company's minimally invasive technology platform, please visit http://www.medigus.com/.
Hayden/ MS-IR LLC
SOURCE Medigus Ltd.
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