Microbot Medical Inc. Announces Closing of $10.0 Million Registered Direct Offering of Common Stock
December 30 2019 - 11:08AM
Microbot Medical Inc. (Nasdaq:
MBOT) closed its
previously announced registered direct offering of 952,383 shares
of its common stock at a purchase price of $10.50 per share for
total gross proceeds of approximately $10.0 million, before
deducting placement agent fees and offering expenses.
Microbot currently intends to use the net
proceeds from this offering for the continuous development and
regulatory activities for its SCS device for the treatment of
hydrocephalus and NPH; continue the development of the Company’s
LIBERTY robotic system, including its expansion through addition of
complementary assets to it either through internal development,
in-license or acquisitions; expand and develop additional
applications deriving from its existing IP portfolio, either
through internal development, in-license or acquisition; and for
working capital and other general corporate purposes.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
The shares were offered by Microbot pursuant to
a “shelf” registration statement on Form S-3 that was initially
filed on March 31, 2017 and declared effective by the Securities
and Exchange Commission (“SEC”) on April 14, 2017 and the
prospectus contained therein (File No. 333-217076). The offering of
shares of common stock was made only by means of a prospectus
supplement that forms a part of the registration statement.
Electronic copies of the final prospectus supplement and
accompanying base prospectus may be obtained from the SEC’s website
at http://www.sec.gov or by contacting H.C. Wainwright & Co.,
LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at
646-975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell, or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Microbot Medical,
Inc.
Microbot Medical Inc. (NASDAQ: MBOT) is a
pre-clinical medical device company that specializes in
transformational micro-robotic technologies, focused primarily on
both natural and artificial lumens within the human body.
Microbot’s current proprietary technological platforms provide the
foundation for the development of a Multi Generation Pipeline
Portfolio (MGPP).
Microbot Medical was founded in 2010 by Harel
Gadot, Prof. Moshe Shoham, and Yossi Bornstein with the goals of
improving clinical outcomes for patients and increasing
accessibility through the use of micro-robotic technologies.
Further information about Microbot Medical is available at
http://www.microbotmedical.com.
Safe Harbor
Statements pertaining to the anticipated use of
proceeds and 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 within the
meaning of the Private Securities Litigation Reform Act of 1995 and
the Federal securities laws. 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, market conditions,
the intended use of proceeds from the offering, risks inherent in
the development and/or commercialization of potential products,
including LIBERTY, the outcome of its studies to evaluate the SCS
and other existing and future technologies, uncertainty in the
results of pre-clinical and clinical trials or regulatory pathways
and regulatory approvals, need and ability to obtain future
capital, and maintenance of intellectual property rights.
Additional information on risks facing Microbot
Medical can be found under the heading “Risk Factors” in
Microbot Medical’s periodic reports filed with the Securities and
Exchange Commission (SEC) and in the prospectus supplement related
to the registered direct offering filed with the SEC, which
are available on the SEC’s web site
at www.sec.gov. Microbot Medical disclaims
any intent or obligation to update these forward-looking
statements, except as required by law.
Investor Contact:
Michael PolyviouEVC Groupmpolyviou@evcgroup.com732-933-2754
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