Microbot Medical Enters into Agreement to Acquire Novel Technology to Enhance Existing Technology Platforms and Strengthen Pa...
January 08 2018 - 07:00AM
Microbot Medical Inc. (NASDAQ CM:MBOT), a medical device company
specializing in the design and development of transformational
micro-robotic medical technologies, today announced that it entered
into an agreement to acquire a novel patent-protected technology
from CardioSert Ltd., a privately-held medical device company based
in Israel. The acquisition is expected to close within 90 days, at
which time, with the addition of CadioSerts’ issued U.S. patent and
three patent applications pending worldwide, Microbot would have a
patent portfolio of 25 issued/allowed patents and 15 patent
applications pending worldwide.
“CardioSert’s technology brings novel and unique
capabilities, such as steering and adjustable stiffness, to
guidewires which are being used in almost every surgical space
today – cardiovascular, peripheral intervention, neurosurgery
and urology, just to name a few,” commented Harel Gadot, Chief
Executive Officer, President and Chairman. “The integration
of CardioSert’s technology with Microbot’s existing robotic
capabilities is yet another milestone in achieving our vision to
develop micro-robotic medical technologies, utilizing the natural
and artificial lumens in the human body, such as blood vessels and
shunts. This exciting transaction is also consistent with our
strategy to acquire assets that expand and enhance our intellectual
property portfolio, strengthen our differentiation and barriers of
entry and allow us to enter adjacent medical spaces and
applications. We remain focused on the flawless execution of
our strategy and we will continue our innovation quest to improve
patient outcomes and enhance shareholders’ value.”
The CardioSert technology was originally
developed to support interventional cardiologists in crossing the
most complex lesions called chronic total occlusion (CTO) during
percutaneous coronary intervention (PCI) procedures, but Microbot
believes the technology 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.
Under the terms of the transaction and following
the closing, CardioSert will transfer ownership of its innovative
technology (including R&D information, technical know-how and
intellectual property) to the Company in exchange for 100,000
restricted shares of Microbot’s common stock, cash payments
totaling $300,000 (including $50,000 paid at signing), the
potential for future milestone payments based on development
progress and regulatory approvals, as well as royalties from future
sales related to the technology.
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, the outcome of its further evaluation of the
CardioSert technology, 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.
Investor Contacts:
Analysts and Institutional InvestorsMichael
PolyviouEVC Groupmpolyviou@evcgroup.com646-445-4800
Individual InvestorsJeremy RoeIntegra
Consulting Group llcjeremy@integracg.net(925) 262-8305
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