Full Press Release Details
Medical Exercises Option to Acquire Novel Technology from Cardiosert Ltd.
Intellectual Property (IP) Portfolio, Addressable Markets and Barriers of Entry
MA - April 16, 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 that its wholly-owned subsidiary has exercised
the option to acquire a novel patent-protected technology from CardioSert Ltd.
acquisition of this novel technology, which is complementary to our existing micro-robotic technologies, strengthens our IP portfolio
and creates additional barriers to entry while increasing our addressable markets," commented Harel Gadot, Chief Executive
Officer, President and Chairman. "Along with the recent non-dilutive grant secured from the European Commission, the recent
rehire of Simon Sharon, and with the anticipated data readout from two ongoing studies in the next couple of months of our first
product, the SCS, I am confident we can maintain our momentum and deliver on our core promises to increase shareholder value."
Eyal Morag, Chairman, Department of Radiology and Nuclear Medicine at Assuta Ashdod Medical Center (Israel), commented that "Based
on my experience evaluating CardioSert's unique technology, it has the potential capabilities to make endo-luminal interventions
easier and faster." "I believe that future products by Microbot, which will include CardioSert's technology,
will have the potential to assist in more consistent, shorter and hence more cost-effective procedures."
closing of the technology acquisition is expected in late April, at which time Microbot will own CardioSert's innovative
technology, including R&D information, technical know-how and intellectual property in exchange for 100,000 restricted shares
of Microbot's common stock and a cash payment of $250,000.
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.
previously announced in January 2018, Microbot entered into an agreement with CardioSert, a privately-held medical device company
based in Israel, to purchase the novel technology following a 90-day evaluation period. The evaluation, which was performed by
Dr. Morag on behalf of Microbot, confirmed its view that CardioSert's technology has the potential to be used in other medical
spaces and applications, such as peripheral intervention, neurosurgery and urology.
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 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.
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