Full Press Release Details
Medical's Self-Cleaning Shunt Awarded a Grant by the European Commission
Grant Strengthens Balance Sheet for Further Milestone Achievements
MA - April 12, 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 European Commission, recognized the
Company's innovative Self-Cleaning Shunt (SCS) product and awarded the Company a non-dilutive grant to continue developing
the SCS. The Commission's decision, in part, is based upon substantial demand for the SCS with the potential to create new
market opportunities.
acknowledgment by the European Commission and awarding of the grant is yet another vote of confidence in the continued development
process of our unique technology, size of the unmet medical need that we are solving and the value proposition of our SCS product,"
commented Harel Gadot, Microbot's Chief Executive Officer, President and Chairman. "We continue focusing on our primary
objectives to build shareholder value, one of which is to strengthen our balance sheet through non-dilutive sources, to ensure
we continue our development and commercialization plans flawlessly. This achievement, coupled with additional milestones we are
expecting in the near term such as closing the CardioSert acquisition and completing the two ongoing studies related to our lead
SCS product, will ensure momentum over the foreseeable future."
current approved 50,000 grant which the Company can submit an additional request in six months for a higher grant up to
2,000,000 , will be used for the continued development of the Company's Self Cleaning Shunt (SCS) product. The Company
believes that it will reach its anticipated development milestones for its SCS, including its submission with the US Food and
Drug Administration (FDA) in late 2018 or early 2019.
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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