Microbot Medical Inc. (NASDAQ:MBOT), a medical device company
specializing in the design and development of transformational
micro-robotic medical technologies, today announced that its
wholly-owned subsidiary has exercised the option to acquire a novel
patent-protected technology from CardioSert Ltd.
“The acquisition of this novel technology, which
is complementary to our existing micro-robotic technologies,
strengthens our IP portfolio and creates additional barriers to
entry while increasing our addressable markets,” commented Harel
Gadot, Chief Executive Officer, President and Chairman.
“Along with the recent non-dilutive grant secured from the European
Commission, the recent rehire of Simon Sharon, and with the
anticipated data readout from two ongoing studies in the next
couple of months of our first product, the SCS, I am confident we
can maintain our momentum and deliver on our core promises to
increase shareholder value.”
Dr. Eyal Morag, Chairman, Department of
Radiology and Nuclear Medicine at Assuta Ashdod Medical Center
(Israel), commented that, “Based on my experience evaluating
CardioSert’s unique technology, it has the potential capabilities
to make endo-luminal interventions easier and faster.” “I
believe that future products by Microbot, which will include
CardioSert’s technology, will have the potential to assist in more
consistent, shorter and hence more cost-effective procedures.”
The closing of the technology acquisition is
expected in late April, at which time Microbot will own
CardioSert’s innovative technology, including R&D information,
technical know-how and intellectual property in exchange for
100,000 restricted shares of Microbot’s common stock and a cash
payment of $250,000.
The CardioSert technology was originally
developed to support interventional cardiologists in crossing the
most complex lesions called chronic total occlusion (CTO) during
percutaneous coronary intervention (PCI) procedures, but Microbot
believes the technology has the potential to be used in other
spaces and applications, such as peripheral intervention,
neurosurgery and urology. CardioSert was part of a technological
incubator supported by the Israel Innovation Authorities (formerly
known as the Office of the Chief Scientist, or OCS), and its device
has successfully completed pre-clinical testing.
As previously announced in January 2018,
Microbot entered into an agreement with CardioSert, a
privately-held medical device company based in Israel, to purchase
the novel technology following a 90-day evaluation period. The
evaluation, which was performed by Dr. Morag on behalf of Microbot,
confirmed its view that CardioSert’s technology has the potential
to be used in other medical spaces and applications, such as
peripheral intervention, neurosurgery and urology.
About Microbot Medical, Inc.
Microbot was founded in 2010, which commenced
operations in 2011, and became a NASDAQ listed company on November
28, 2016. The Company specializes in transformational micro-robotic
medical technologies leveraging the natural and artificial lumens
within the human body. Microbot’s current platforms, ViRob and
TipCAT, are comprised of two highly advanced micro-robotic
technologies, from which the Company is currently developing its
first two product candidates: the Self Cleaning Shunt, or SCS, for
the treatment of hydrocephalus and Normal Pressure Hydrocephalus,
or NPH; and a self-propelling, semi-disposable endoscope that is
being developed initially for use in colonoscopy procedures.
Further information about Microbot Medical is available at
http://www.microbotmedical.com.
The ViRob technology is a revolutionary
autonomous crawling micro-robot which can be controlled remotely or
within the body. Its miniature dimensions allow it to
navigate and crawl in different spaces within the human body,
including blood vessels, the digestive tract and the respiratory
system. Its unique structure gives it the ability to move in
tight spaces and curved passages as well as the ability to remain
within the human body for prolonged time. To learn more about
ViRob please visit
http://www.microbotmedical.com/technology/virob/.
TipCAT is a transformational self-propelled,
flexible, and semi-disposable endoscope providing see & treat
capabilities within tubular lumens in the human body such as the
colon, blood vessels, and the urinary tract. Its locomotion
mechanism is perfectly suitable to navigate and crawl through
natural & artificial tubular lumens, applying the minimal
necessary pressure to achieve the adequate friction required for
gentle, fast, and safe advancement within the human body. To
learn more about TipCAT visit
http://www.microbotmedical.com/technology/tipcat/.
Safe Harbor
Statements pertaining to future financial and/or
operating results, future growth in research, technology, clinical
development, and potential opportunities for Microbot Medical Inc.
and its subsidiaries, along with other statements about the future
expectations, beliefs, goals, plans, or prospects expressed by
management constitute forward-looking statements. Any statements
that are not historical fact (including, but not limited to
statements that contain words such as “will,” “believes,” “plans,”
“anticipates,” “expects” and “estimates”) should also be considered
to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation,
risks inherent in the development and/or commercialization of
potential products, the outcome of its further evaluation of the
CardioSert technology, uncertainty in the results of clinical
trials or regulatory approvals, need and ability to obtain future
capital, and maintenance of intellectual property rights. Actual
results may differ materially from the results anticipated in these
forward-looking statements and as such should be evaluated together
with the many uncertainties that affect the businesses of Microbot
Medical Inc. particularly those mentioned in the cautionary
statements found in Microbot Medical Inc.’s filings with the
Securities and Exchange Commission. Microbot Medical disclaims any
intent or obligation to update these forward-looking
statements.
Investor Contacts:
Analysts and Institutional InvestorsMichael
PolyviouEVC Groupmpolyviou@evcgroup.com732-232-6914
Individual InvestorsJeremy RoeIntegra
Consulting Group llcjeremy@integracg.net(925) 262-8305
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