Microbot Medical Inc. (NASDAQ:MBOT), a medical device company
specializing in the design and development of transformational
micro-robotic medical technologies, today reported financial and
operational results for the quarter and six months ended June 30,
2017, as well as provided an update on progress towards key
strategic initiatives.
“As major healthcare companies are seeking to
establish capabilities in the medical robotic space, our team is
leveraging Microbot’s already existing and unique core capabilities
and is making meaningful progress with our transformational
technological robotic platforms,” commented Harel Gadot, CEO,
President and Chairman. “Our lead product, the Self-Cleaning
Shunt (SCS), for example, remains on track for its submission to
the FDA by the end of 2018. We also recently learned that data from
our recent studies for the SCS was accepted to be presented next
month at the International Society for Hydrocephalus and
Cerebrospinal Fluid Disorders annual meeting. This is a prestigious
scientific event and it allows us to engage with leading physicians
and further raise the awareness for our innovative approach to
treating hydrocephalus and normal pressure hydrocephalus (NPH).
As we continue developing our current product
pipeline, from our ViRob and TipCat technological platforms, we are
also exploring additional business opportunities that will enhance
our unique assets, including our strong IP portfolio. These
opportunities include adding assets that are adjacent to our
current technological platforms. This will allow us to enter
additional applications where there are significant unmet medical
needs. In addition, we are discussing collaboration and
partnership possibilities with leading medical device companies,
who appreciate our core capabilities and the value that our robotic
technologies will provide to patient care. Our leadership
team is continuing to make wise and valuable accretive decisions,
one of which was to strengthen our cash position in order to
position the Company to accelerate its current opportunities as
well as preparing for significant growth during the next two to
three-year period.”
Milestones Targeted for Achievement Over the Next Few
Months
- Completing the Company’s SCS studies at Washington University
(St. Louis) and Wayne State University (Detroit).
- Presenting initial data supporting Microbot’s SCS product at
the International Society for Hydrocephalus and Cerebrospinal Fluid
Disorders annual meeting, which is being held in Kobe, Japan, in
late September.
- Leveraging the Company’s strong balance sheet to pursue
M&A, collaboration and partnership opportunities to increase
addressable market opportunities.
- Strengthening the Company’s leadership team with seasoned
medical device experts.
Second Quarter and Six Month 2017
Financial Results
Microbot is a development stage company and has
not recorded revenue. For the quarter ended June 30, 2017, the
Company incurred a net loss of $3.5 million, or $0.12 per share
compared to a net loss of $0.16 million, or $0.01 per share for the
second quarter ended June 30, 2016. The increase in the net loss
was mainly from the extinguishment of a one-time convertible note
totaling $2.3 million, which was recorded in the financial
expenses. The net loss before financial expenses for the quarter
ended June 30, 2017, was $1.2 million. Research and development
expenses for the quarter ended June 30, 2017 were $0.37 million
compared to $0.04 million for the same period in 2016. General and
administrative expenses increased to $0.88 million from $0.07
million for the same period in 2016.
During the second quarter, the Company
strengthened its balance sheet with net proceeds of $9.2 million
from the sale of the Company’s common stock. At June 30,
2017, the Company’s cash and cash equivalents totaled approximately
$13 million. Based on the anticipated cash utilization, the
Company believes it has sufficient resources through 2019 which
allow it to execute its planned product development milestones,
enter into one or more M&A transactions as well as potential
collaborations and partnerships.
For the six months ended June 30, 2017, the
Company incurred a net loss of $4.8 million, or $0.17 per share
compared to a net loss of $0.44 million, or $0.02 per share for the
six months ended June 30, 2016. Research and development
expenses for the six months ended June 30, 2017 were $0.56 million
compared to $0.26 million for the same period in 2016. General and
administrative expenses increased to $1.9 million from $0.14
million for the same period in 2016. The increase in general and
administrative expenses for the three and six months ended June 30,
2017 was primarily due to Microbot becoming a public company and
therefore incurring higher professional fees and public company
fees.
Conference Call
The Company will host a conference call and
webcast on Monday, August 14, 2017 at 5:00 pm ET. For both
“listen-only” participants and those participants who wish to take
part in the question-and-answer portion of the call, the dial-in
number is 888-208-1814 (U.S./Canada) or 719-325-2154
(international) and providing the Conference ID 6914000. A
live webcast and subsequent archived replay of the Company’s
presentation may be accessed via the ‘Investors’ section, under
‘Presentations and Resources’ of the Company’s website at
www.microbotmedical.com.
A replay of the conference call will be
available for seven business days beginning about two hours after
the conclusion of the live call, by dialing 888-203-1112
(U.S./Canada) or +1 719-457-0820 (international) and providing the
Conference ID 6914000. An archived webcast will also be
available and may be accessed in the ‘Investors’ section of the
Company’s website at www.microbotmedical.com.
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, 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.
(tables to follow)
MICROBOT MEDICAL INC. |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
(UNAUDITED) |
U.S. dollars in thousands |
(Except share data) |
|
|
|
Six months endedJune
30, |
|
Three months endedJune
30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses, net |
|
$ |
561 |
|
|
$ |
263 |
|
$ |
377 |
|
|
$ |
44 |
|
|
|
|
|
|
|
General and administrative expenses |
|
|
1,934 |
|
|
|
140 |
|
|
885 |
|
|
|
74 |
|
|
|
|
|
|
|
Operating loss |
|
|
(2,495 |
) |
|
|
(403 |
) |
|
(1,262 |
) |
|
|
(118 |
) |
|
|
|
|
|
|
Financing (expenses), net |
|
|
(2,320 |
) |
|
|
(37 |
) |
|
(2,246 |
) |
|
|
(46 |
) |
|
|
|
|
|
|
Net loss |
|
$ |
(4,815 |
) |
|
$ |
(440 |
) |
$ |
(3,508 |
) |
|
$ |
(164 |
) |
|
|
|
|
|
|
Basic and diluted loss per share |
|
$ |
(0.17 |
) |
|
$ |
(0.02 |
) |
$ |
(0.12 |
) |
|
$ |
(0.01 |
) |
MICROBOT MEDICAL
INC. |
INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS |
U.S. dollars in thousands |
(Except share data) |
|
|
|
As of June
30,2017 |
|
|
As ofDecember 31, |
|
|
|
|
|
2016 |
|
|
|
Unaudited |
|
|
Audited |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
Cash
and cash equivalents |
|
$ |
13,078 |
|
|
$ |
2,709 |
|
Other
receivables |
|
|
545 |
|
|
|
606 |
|
Total current assets |
|
|
13,623 |
|
|
|
3,315 |
|
|
|
|
|
Non-current assets: |
|
|
|
Restricted Cash |
|
|
27 |
|
|
|
- |
|
Fixed
assets, net |
|
|
69 |
|
|
|
53 |
|
|
|
|
|
Total assets |
|
$ |
13,719 |
|
|
$ |
3,368 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Trade
payables |
|
$ |
101 |
|
|
$ |
512 |
|
Accrued liabilities |
|
|
667 |
|
|
|
271 |
|
Total current liabilities |
|
|
768 |
|
|
|
(**)783 |
|
|
|
|
|
Long term liabilities: |
|
|
|
Convertible notes |
|
|
- |
|
|
|
76 |
|
Derivative warrant liability |
|
|
38 |
|
|
|
313 |
|
|
|
|
|
Total liabilities |
|
|
806 |
|
|
|
1,172 |
|
|
|
|
|
Commitments |
|
|
|
|
|
|
|
Temporary equity: |
|
|
|
Common stock of $0.01 par value; Issued and outstanding:
10,702,838 shares as of June 30, 2017 and December 31,
2016 |
|
|
500 |
|
|
|
500 |
|
|
|
|
|
Shareholders’ equity: |
|
|
|
Preferred stock of $0.01 par value; Authorized: 1,000,000
shares as of June 30, 2017 and December 31, 2016; Issued and
outstanding: 9,736 shares of Series A Convertible Preferred
Stock as of June 30, 2017 and December 31, 2016; |
|
|
(*) |
|
|
|
(*) |
|
Common stock of $0.01 par value; Authorized: 220,000,000
shares as of June 30, 2017 and December 31, 2016; Issued and
outstanding: 34,305,333 and 15,848,136 shares as of June 30,
2017, and December 31, 2016, respectively |
|
|
344 |
|
|
|
266 |
|
Additional paid-in capital |
|
|
29,919 |
|
|
|
14,465 |
|
Accumulated deficit |
|
|
(17,850 |
) |
|
|
(13,035 |
) |
Total stockholders’ equity |
|
|
12,413 |
|
|
|
1,696 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
13,719 |
|
|
$ |
3,368 |
|
(*) Less
than 1(**) Reclassification |
|
Investor Contacts:
Analysts and Institutional Investors
Michael Polyviou
EVC Group
mpolyviou@evcgroup.com
646-445-4800
Individual Investors
Jeremy Roe
Integra Consulting Group llc
jeremy@integracg.net
(925) 262-8305
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