Microbot Medical Announces Grant of Summary Judgment in its Favor and Dismissal of Counterclaim Against Company
October 19 2023 - 8:20AM
Microbot Medical Inc. (Nasdaq: MBOT), developer of the innovative
LIBERTY® Robotic Surgical System, today announces that the United
States District Court for the Southern District of New York,
approved Microbot’s motion for summary judgment and dismissed with
prejudice the previously announced Section 10(b) counterclaim
brought by defendant as against Microbot in the action titled
Microbot Medical Inc., Plaintiff v. Joseph Mona, Defendant.
In its Memorandum Decision and Order, the Court
adopted in full the Magistrate Judge’s Report and Recommendation,
which had recommended that the Court grant Microbot’s motion for
summary judgment and dismiss defendant’s counterclaim with
prejudice.
In its ruling, in part, the Court held that the
defendant failed to raise a triable issue of fact in support of his
claim.
Microbot previously announced that a judgment in
the action against defendant and in favor of Microbot in the amount
of $484,614.30 was entered, and no appeal was filed. As the
counterclaim has now been dismissed, the Company is now seeking to
enforce the judgment as against defendant.
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 Harbor
Statements 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, market conditions,
risks inherent in the development and/or commercialization of
potential products, including 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
stabilizes its financial condition and 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, disruptions resulting
from new and ongoing hostilities between Israel and the
Palestinians, such as employees of Microbot and its vendors and
business partners being called to active military duty, any
lingering 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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