Medigus Ltd. completed the sale of its unit ScoutCam Ltd. to Intellisense Solutions Inc. in a share deal.
ScoutCam is a private medical device company that designs and manufactures endoscopy and microcamera systems for partner companies.
Under the deal, Israel-based medical device company Medigus received 60% of Intellisense's outstanding share capital as payment. Medigus can receive an additional 10% of Intellisense if ScoutCam achieves $33 million in aggregate sales within the next three years.
Intellisense will change its name to Scoutcam Inc. as a result of the deal. It is also changing its symbol to SCTC and will remain quoted on the OTCQB.