Full Press Release Details
Medical Inc. Announces $2.5 Million Registered Direct Offering Priced At-the-Market
Mass., January 23, 2019 - Microbot Medical Inc. (Nasdaq: MBOT), a medical device company specializing in the design and
development of transformational micro-robotic medical technologies, today announced that it has entered into definitive agreements
with institutional investors for the purchase of 250,000 shares of its common stock, at a purchase price per share of $10.00,
in a registered direct offering priced at-the-market. Additionally, Microbot has agreed to issue to the investors unregistered
warrants to purchase up to 250,000 shares of common stock.. The warrants have an exercise price of $10.00 per share of common
stock, will be exercisable immediately and will expire one year from the issuance date.
closing of the offering is expected to occur on or about January 25, 2019, subject to the satisfaction of customary closing conditions.
Wainwright & Co. is acting as the exclusive placement agent for the offering.
gross proceeds to Microbot, before deducting placement agent fees and other offering expenses, are expected to be approximately
$2.5 million. The potential gross proceeds from the warrants, if fully exercised on a cash basis, will be approximately $2.5 million.
No assurance can be given that any of the warrants will be exercised. Microbot currently intends to use the net proceeds from
this offering for the continuous development of its SCS device for the treatment of hydrocephalus and NPH; to expand and develop
additional applications deriving from its existing IP portfolio, including the potential addition of complementary assets to the
CardioSert portfolio either through internal development, in-license or acquisition; and for working capital and other general
shares of common stock (but not the warrants or the shares of common stock underlying the warrants) are being offered by Microbot
pursuant to a "shelf" registration statement on Form S-3 that was originally filed on March 31, 2017 and declared
effective by the Securities and Exchange Commission ("SEC") on April 14, 2017 and the base prospectus contained therein
(File No. 333-217076). The offering of the shares of common stock will be made only by means of a prospectus supplement that forms
a part of the registration statement.
final prospectus supplement and accompanying base prospectus relating to the shares of common stock being offered will be filed
with the SEC. Copies of the final prospectus supplement and accompanying base prospectus may be obtained, when available, on the
SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by phone at 646-975-6996 or e-mail at placements@hcwco.com.
warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the
"Act"), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants,
have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of
common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Act and such applicable state securities laws.
press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the securities described herein,
nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Microbot Medical, Inc.
which was founded in 2010 and commenced operations in 2011, 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 technological platforms, ViRobTM, TipCATTM and CardioSertTM, are comprised of three highly
advanced technologies, from which the Company is currently developing its first product candidate: The Self Cleaning Shunt, or
SCSTM, for the treatment of hydrocephalus and Normal Pressure Hydrocephalus, or NPH. The Company also is focused on
the development of a Multi Generation Pipeline Portfolio (MGPP) utilizing all technologies. Further information about Microbot
Medical is available at http://www.microbotmedical.com.
ViRobTM 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 ViRobTM please visit
is a transformational self-propelled, flexible, and semi-disposable locomotive device 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 TipCATTM,
technology contemplates a unique combination of a guidewire and microcatheter, technologies that are broadly used for endoluminal
surgery. The CardioSertTM technology features unique steering and stiffness control capabilities, and it was originally
developed to support interventional cardiologists in crossing the most complex lesions called chronic total occlusion (CTO) during
percutaneous coronary intervention (PCI) procedures and has the potential to be used in other spaces and applications, such as
peripheral intervention, neurosurgery and urology. CardioSertTM 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.
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,
uncertainty in the results of pre-clinical and 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.