Full Press Release Details
Medical Closes Acquisition of Novel Technology from CardioSert Ltd.
MA - May 25, 2018 - Microbot Medical Inc. (NASDAQ CM: MBOT), a medical device company specializing in the design and
development of transformational micro-robotic medical technologies, today announced the closing of the previously-announced acquisition
of a novel patent-protected technology from CardioSert Ltd. Following the closing, the Company owns CardioSert's innovative
technology, including R&D information, technical know-how and intellectual property.
completion of this exciting and value-added acquisition, combined with our existing capabilities, global IP and recent pre-clinical
results is expected to allow us to deliver highly differentiated robotic products to address some of today's most unmet
medical needs," commented Harel Gadot, Chief Executive Officer, President and Chairman. "Our product development team
has already completed the process of evaluating the CardioSert technology, and while leveraging our new and enhanced R&D facilities
in Israel, we expect to move forward with new applications in the coming few months, continue focusing on our SCS device and building
a multi-generation product pipeline."
previously disclosed, the acquisition of the assets and know-how was in exchange for 100,000 restricted shares of Microbot's
common stock and a cash payment at closing of $250,000, plus potential additional milestone payments and earn-outs. 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.
Microbot Medical, Inc.
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.
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/.
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/.
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,
difficulties in integrating new technologies and products, 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
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