Microbot Medical announced that it raised nearly $9 million in a common stock offering, days after announcing that it is set to unveil its disposable robotic system for multiple procedures later this month.
The Hingham, Mass.–based company agreed to sell 900,901 shares of common stock at a purchase price of $11.10 per share. The gross proceeds of the offering are slated to reach approximately $10 million, with the net proceeds to the company set at approximately $8.99 million.
Microbot Medical said it plans to use the net proceeds for the development and regulatory activities relating to its spinal cord stimulation (SCS) device for treating hydrocephalus. It is also looking to put funds toward the development of its Liberty robotic system, which is set to be unveiled on Jan. 13.
Microbot Medical touts Liberty as the world’s first fully disposable robotic system for use in neurovascular, cardiovascular and peripheral vascular procedures. The system includes a compact design and remote operating capabilities to reduce radiation exposure and physical strain on physicians.
The platform also includes “one-and-done” capabilities designed to eliminate the use of multiple consumables during procedures.
“Liberty is set to revolutionize the way surgical robotics are being used in endovascular procedures by eliminating the need for capital equipment, reducing radiation exposure and aiming to streamline the use of disposables during these complex procedures,” Microbot Medical CEO, president & chairman Harel Gadot said in a news release. “In addition, with Liberty’s remote operation as well as its ‘one-and-done’ capabilities, we believe it has the potential to be the first system to democratize endovascular interventional procedures.”
