Medigus Ltd. American Depositary Share - MDGS STOCK NEWS

Medigus Ltd. (NASDAQ: MDGS) reported its financial results for H1 2020, revealing an IFRS loss of $3.6 million and a non-IFRS net loss of $3 million, both significantly higher than the previous year. Revenues dropped 49% to $73,000, and general administrative expenses surged by 126% to $2.6 million. Despite these challenges, the company maintained cash and equivalents of $10.2 million. Noteworthy developments include investments in Matomy Media and ScoutCam, along with a reseller agreement for COVID-19 protective products, which could enhance future revenue streams.

Medigus has signed a non-binding letter of intent to acquire a controlling interest in Smart Repair Pro, Inc. and Purex, Inc., both operating on the Amazon Marketplace. The investment involves a total of $1,250,000 in cash and restricted shares, aiming for Medigus to hold 50.01% in each company. With projected revenues of $3 million for 2020 and a net profit margin of 35%, this move marks Medigus' expansion into the e-commerce sector, complementing its existing medical operations.

Medigus Ltd. (NASDAQ: MDGS) announced that its subsidiary, ScoutCam Inc., has accepted a $2.4 million quote from a Fortune 500 healthcare corporation for single-use miniature video cameras. This partnership aims to develop a complete visualization solution for minimally invasive surgical procedures. The project, part of an ongoing Development Strategy Agreement initiated in November 2019, is expected to yield substantial revenue, with forecasts suggesting tens of thousands of camera sales annually. The collaboration highlights the growing demand for innovative medical technologies.

Medigus Ltd. (NASDAQ: MDGS) announced new agreements with Polyrizon Ltd. on July 17, 2020. Medigus secured an exclusive global license to sell Polyrizon's innovative Biogel for COVID-19 protection, with a four-year term starting upon FDA approval. The investment agreement involves $10,000 and a $94,000 loan to Polyrizon, yielding Medigus a 19.9% stake. Additionally, Medigus has an option to invest $1,000,000 for a controlling 51% interest. Polyrizon's products aim to mitigate the risks from COVID-19 and airborne allergens.

Medigus Ltd. (NASDAQ: MDGS) has increased its stake in ScoutCam to 50.1% by converting $381,136 in credit into equity. This move comes after a recent $2 million investment in ScoutCam by entrepreneur Mori Arkin. CEO Liron Carmel emphasized the company's belief in ScoutCam's potential, citing new customer engagements and strengthened intellectual property. ScoutCam specializes in customized visual solutions across various sectors, including medical, aerospace, and industrial fields.

Medigus Ltd. (NASDAQ: MDGS) announced that its subsidiary, ScoutCam Ltd., has received a patent in Canada for its innovative endoscope irrigation technology. This patent, already approved in the U.S., EU, and Japan, underscores ScoutCam's ability to create compact and durable micro-cameras suitable for various applications in medical and industrial fields. The new technology integrates irrigation within the endoscope, allowing for a smaller device diameter, enhancing visibility, and streamlining procedures. ScoutCam's camera systems have proven robust in diverse conditions, further emphasizing their market leadership.

Medigus Ltd. has successfully completed an underwritten public offering of 3,333,334 American Depositary Shares (ADSs), priced at $1.50 each, generating approximately $5 million in gross proceeds. Additionally, pre-funded ADS purchase warrants were also offered at $1.499 each. The proceeds will be utilized for working capital and general corporate purposes. The offering was managed by ThinkEquity, a division of Fordham Financial Management. A registration statement regarding the ADSs has been filed with the SEC.

Medigus Ltd. (NASDAQ: MDGS) announced its subsidiary, ScoutCam Inc., has successfully integrated its wireless micro ScoutCam into medical endoscopes, introducing what may be the first operating room-ready wireless endoscope. Approved by the FDA, this device marks a significant advancement in endoscopy, featuring a single-use micro camera that is significantly smaller than traditional options. This innovation aims to enhance efficiency in endoscopic surgeries, particularly in treating conditions like carpal tunnel syndrome, impacting millions of Americans.

Medigus Ltd. (Nasdaq, TASE: MDGS) has announced a public offering of 3,333,334 American Depositary Shares (ADSs) at $1.50 each and Pre-Funded Warrants at $1.499 each, expected to raise approximately $5 million before expenses. The offering will close on May 22, 2020, pending standard conditions. Proceeds are designated for working capital and general corporate purposes. This follows a shelf registration with the SEC, indicating readiness for future capital raises.