Microbot Medical’s Self-Cleaning Shunt Awarded a Grant by the European Commission
April 12 2018 - 7:00AM
Microbot Medical Inc. (NASDAQ:MBOT), a medical device company
specializing in the design and development of transformational
micro-robotic medical technologies, today announced the European
Commission, recognized the Company’s innovative Self-Cleaning Shunt
(SCS) product and awarded the Company a non-dilutive grant to
continue developing the SCS. The Commission’s decision, in
part, is based upon substantial demand for the SCS with the
potential to create new market opportunities.
“The acknowledgment by the European Commission
and awarding of the grant is yet another vote of confidence in the
continued development process of our unique technology, size of the
unmet medical need that we are solving and the value proposition of
our SCS product,” commented Harel Gadot, Microbot’s Chief Executive
Officer, President and Chairman. “We continue focusing on our
primary objectives to build shareholder value, one of which is to
strengthen our balance sheet through non-dilutive sources, to
ensure we continue our development and commercialization plans
flawlessly. This achievement, coupled with additional milestones we
are expecting in the near term such as closing the CardioSert
acquisition and completing the two ongoing studies related to our
lead SCS product, will ensure momentum over the foreseeable
future.”
The current approved 50,000€ grant which the
Company can submit an additional request in six months for a higher
grant up to 2,000,000€, will be used for the continued development
of the Company’s Self Cleaning Shunt (SCS) product. The
Company believes that it will reach its anticipated development
milestones for its SCS, including its submission with the US Food
and Drug Administration (FDA) in late 2018 or early 2019.
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.com 732-933-2754
Individual InvestorsJeremy RoeIntegra
Consulting Group llcjeremy@integracg.net(925) 262-8305
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