Microbot Medical Maintains 2019 Milestone Targets Following Recent Court Decision
March 01 2019 - 5:23PM
Microbot Medical Inc. (Nasdaq CM: MBOT) is maintaining its
milestone targets for 2019 following the recently announced
decision of the New York State Supreme Court to rescind the Stock
Purchase Agreement (“SPA”) Microbot entered into with two
affiliated investors in connection with its June 2017 Registered
Direct Offering of approximately $10 million of common stock. The
rescission would require the investors to transfer back to Microbot
the shares they purchased in that offering, and Microbot to return
to those investors their purchase price of $3.375 million. The
litigation, captioned Sabby Healthcare Master Fund Ltd. and Sabby
Volatility Warrant Master Fund Ltd., Plaintiffs, against Microbot
Medical Inc., has been previously disclosed in Microbot’s filings
with the Securities and Exchange Commission.
This litigation is not related in any way to the
Company’s products and/or any other development programs. The
Company is disappointed with the Court’s decision and, together
with the Company’s legal counsel, is in the process of reviewing
the Court’s decision and is evaluating all potential options,
including filing an appeal.
The Company has raised approximately $25 million
through five separate equity offerings from multiple investors
since 2017, with the latest offerings of approximately $11.3
million aggregate gross proceeds raised by Microbot in January
2019. The Company continues to believe that with the amounts
recently raised and its current cash balance and excluding the
amount in dispute, it has the resources to pursue the 2019
milestones that it disclosed in a press release issued on January
7, 2019. These include, but not limited to:
- Completing the pivotal pre-clinical
study to further evaluate the safety and efficacy of the SCS being
performed at Washington University in St. Louis School of Medicine
and Wayne State University in the third quarter of 2019.
- Finalize the FDA regulatory
pre-submission request for the Company’s Self-Cleaning Shunt (SCS)
in the second half of 2019.
In addition, when necessary, the Company will
continue to invest the necessary resources to continue establishing
a sustainable competitive advantage, such as strengthening and
expanding its IP portfolio and seeking additional opportunities to
add assets to its portfolio.
The Company has achieved several of the
milestones it previously disclosed, including validating its SCS in
an independent lab setting, expanding its IP portfolio to create
further barriers to entry and bolstering its balance
sheet.
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, ViRob™, TipCAT™ and CardioSert™, are
comprised of three highly advanced technologies, from which the
Company is currently developing its first product candidate: the
Self Cleaning Shunt, or SCS™, for the treatment of hydrocephalus
and Normal Pressure Hydrocephalus, or NPH; and focusing 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 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 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 TipCAT™, visit
http://www.microbotmedical.com/technology/tipcat/.
CardioSert™ technology contemplates a
unique combination of a guidewire and microcatheter, technologies
that are broadly used for endoluminal surgery. The
CardioSert™ 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. CardioSert™ 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, maintenance
of intellectual property rights, and the outcomes with respect to
any litigation the Company is involved in from time to time
(including the success of any appeals). 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
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