Microbot Medical Inc. Receives Additional Government Grant for Development of its Self-Cleaning Shunt
November 08 2017 - 7:00AM
Microbot Medical Inc. (Nasdaq:MBOT), a medical device company
specializing in the design and development of transformational
micro-robotic medical technologies, has been awarded an additional
non-dilutive grant of up to 2,610,000 Israeli New Shekels
(approximately $735,000) from the Israel Innovation
Authority (the “IIA”) of Israel’s Ministry of Economy.
The grant provides additional sources to be utilized by the Company
for the continued development of the Company’s Self-Cleaning Shunt
(“SCS”) for the treatment of hydrocephalus and Normal Pressure
Hydrocephalus (NPH).
“We continue to see that the IIA recognizes the
innovation of our technology and its confidence that we have the
capabilities to continue developing and successfully commercialize
our SCS product,” commented Harel Gadot, Chief Executive Officer,
President, and Chairman. “This grant allows us to strengthen our
operating resources while executing against our shareholder
commitment to do so with minimal dilution as possible.”
To date, the IIA has provided annual grants to
Microbot Medical totaling approximately $1.2 million. The grant is
provided as a non-dilutive long-term loan that may be paid back
upon the Company successfully commercializing its SCS product,
through royalties as a percentage of future revenue.
About Microbot Medical, Inc.
Microbot, which was founded in 2010 and
commenced operations in 2011, 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, 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:
EVC
Group
Michael Polyviou/Doug Sherk -
Investors
mpolyviou@evcgroup.com; dsherk@evcgroup.com 212-850-6020;
646-445-4800
Individual InvestorsJeremy RoeIntegra
Consulting Group llcjeremy@integracg.net(925) 262-8305
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