Microbot Medical Receives a Non-Dilutive Grant from The Israel Innovation Authority Supporting the Development of the Manufacturing Process for its Endovascular Surgical Robotic System
02 Junho 2023 - 9:15AM
Microbot Medical Inc. (Nasdaq: MBOT), the developer of the LIBERTY®
Robotic Surgical System, the first single-use endovascular robotic
surgical system, announced it has received a grant from the Israel
Innovation Authority ("IIA”) in the amount of NIS 1.62 million,
which based on a recent exchange rate to the U.S. dollar, would be
approximately $440,000, to further support the development of the
Company’s manufacturing process of its flagship robotic surgical
system, the LIBERTY®.
This is the first time Microbot has received
approval for a grant for "transition from development to
manufacturing" program, which the Company believe is a reflection
of the recent activities and milestones the LIBERTY achieved as it
progresses in its path toward its regulatory and commercialization
activities.
“This non-dilutive grant will facilitate our
efforts to establish the manufacturing infrastructure capability
for the LIBERTY® system. While we will work with manufacturing
partners to scale production, the sophisticated and crucial core
technology and elements of the manufacturing process are expected
to be handled internally. The grant will help us further establish
certain advanced manufacturing capabilities inhouse to assure the
highest quality, efficiency and reliability by reducing logistical
barriers and to maintain a competitive advantage. We consider this
grant as a vote of confidence in the company, our technology and
the LIBERTY® system as we progress toward regulatory and commercial
milestones,” commented Harel Gadot, Microbot's Chief Executive
Officer.
In relation to the IIA grant, Microbot is
obligated to pay royalties amounting to between 3%-5% of its future
sales of the LIBERTY product up to the grant amount plus interest.
The grant is linked to the U.S. dollar and bears interest at Libor
per annum. The grant monies will be paid over time based on the
terms of the grant, and the U.S. dollar amount actually received
will be based on the exchange rate of the U.S. dollar to the New
Israeli Shekel at the time of payment.
About Microbot Medical
Microbot Medical Inc. (NASDAQ: MBOT) is a
pre-clinical medical device company that specializes in
transformational micro-robotic technologies, with the goals of
improving clinical outcomes for patients and increasing
accessibility through the natural and artificial lumens within the
human body.
The LIBERTY® Robotic Surgical System aims to
improve the way surgical robotics are being used in endovascular
procedures today, by eliminating the need for large, cumbersome,
and expensive capital equipment, while reducing radiation exposure
and physician strain. The Company believes the LIBERTY® Robotic
Surgical System’s remote operation has the potential to be the
first system to democratize endovascular interventional
procedures.Further information about Microbot Medical is available
at http://www.microbotmedical.com.
Safe HarborStatements 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, the
actual receipt of funds under the IIA grant, the timing of any such
funds and the U.S. dollar amount received based on exchange rates
with the New Israeli Shekel, market conditions, risks inherent in
the development and/or commercialization of LIBERTY® , the outcome
of its studies to evaluate LIBERTY®, whether the Company’s core
business focus program and cost reduction plan are sufficient to
enable the Company to continue to focus on its LIBERTY technology
while it seeks additional working capital , any failure or
inability to recruit physicians and clinicians to serve as primary
investigators to conduct regulatory studies which could adversely
affect or delay such studies, uncertainty in the results of
pre-clinical and clinical trials or regulatory pathways and
regulatory approvals, uncertainty resulting from the COVID-19
pandemic, 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), 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:
Michal Efraty+972-(0)52-3044404IR@microbotmedical.com
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