Microbot Medical Inc. Announces $3 Million Registered Direct Offering Priced At-the-Market
15 Janeiro 2019 - 11:00AM
Microbot Medical Inc. (Nasdaq: MBOT), a medical device company
specializing in the design and development of transformational
micro-robotic medical technologies, today announced that it has
entered into a definitive agreement with an institutional investor
for the purchase of 455,323 shares of its common stock (or common
stock equivalents), at a purchase price per share of $6.50, in
a registered direct offering priced at-the-market.
The closing of the offering is expected to occur
on or about January 16, 2019, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds to Microbot, before deducting
placement agent fees and other offering expenses, are expected to
be approximately $3.0 million. Microbot currently intends to use
the net proceeds from this offering for the continuous development
of its SCS device for the treatment of hydrocephalus and NPH; to
expand and develop additional applications deriving from its
existing IP portfolio, including the potential addition of
complementary assets to the CardioSert portfolio either through
internal development, in-license or acquisition; and for working
capital and other general corporate purposes.
The shares of common stock are being offered by
Microbot pursuant to a "shelf" registration statement on Form S-3
that was originally filed on March 31, 2017 and declared effective
by the Securities and Exchange Commission ("SEC") on April 14, 2017
and the base prospectus contained therein (File No. 333-217076).
The offering of the shares of common stock will be made only by
means of a prospectus supplement that forms a part of the
registration statement.
A final prospectus supplement and accompanying
base prospectus relating to the shares of common stock being
offered will be filed with the SEC. Copies of the final prospectus
supplement and accompanying base prospectus may be obtained, when
available, on 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™, 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
technological platforms, ViRobTM, TipCATTM and CardioSertTM, are
comprised of three highly advanced technologies, from which the
Company is currently developing its first product candidate: The
Self Cleaning Shunt, or SCSTM, for the treatment of hydrocephalus
and Normal Pressure Hydrocephalus, or NPH. The Company also is
focused on the development of a Multi Generation Pipeline Portfolio
(MGPP) utilizing all technologies. Further information about
Microbot Medical is available at
http://www.microbotmedical.com.
The ViRobTM 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
ViRobTM please visit
http://www.microbotmedical.com/technology/virob/.
TipCATTM is a transformational self-propelled,
flexible, and semi-disposable locomotive device 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 TipCATTM, visit
http://www.microbotmedical.com/technology/tipcat/.
CardioSertTM technology contemplates a unique
combination of a guidewire and microcatheter, technologies that are
broadly used for endoluminal surgery. The CardioSertTM technology
features unique steering and stiffness control capabilities, and it
was originally developed to support interventional cardiologists in
crossing the most complex lesions called chronic total occlusion
(CTO) during percutaneous coronary intervention (PCI) procedures
and has the potential to be used in other spaces and applications,
such as peripheral intervention, neurosurgery and urology.
CardioSertTM 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.
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 studies to evaluate the SCS
and other existing and future technologies, uncertainty in the
results of pre-clinical and 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: Michael
PolyviouEVC Groupmpolyviou@evcgroup.com732-933-2754
Microbot Medical (NASDAQ:MBOT)
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