Microbot Medical (Nasdaq: MBOT) has disclosed that it has entered into formal agreements for the procurement and sale of common stock, garnering $7 million in proceeds. The offering comprises over 4 million shares of common stock at a price of $1.75 per share. Additionally, the company intends to arrange a simultaneous private placement, issuing unregistered short-term Series G preferred investment options. These options grant the purchase of up to 8 million shares of common stock, also priced at $1.75 per share.
Situated in Hingham, Massachusetts, Microbot foresees the completion of both the offering and the private placement around January 7th. H.C. Wainwright & Co. has been appointed as the exclusive placement agent for these financial endeavors.
The generated funds are intended to advance the development, market introduction, and regulatory process related to Microbot’s Liberty system. The Liberty is an innovative single-use endovascular surgical robot, potentially applicable for neurovascular, cardiovascular, and peripheral vascular interventions. This robotic system is characterized by its compact design and remote operation functionality, aiming to diminish radiation exposure and alleviate physical fatigue experienced by doctors.
Liberty’s remote operational capability could pioneer the democratization of endovascular interventional procedures, according to Microbot. It is claimed to be the world’s inaugural single-use, fully disposable robotic system catering to these types of medical procedures. The company submitted an application for Liberty’s approval to the FDA last month and anticipates regulatory clearance and subsequent market debut by the second quarter of 2025.
Funds may also be leveraged for developing new applications derived from the company’s existing intellectual property assets, alongside supporting capital needs and general corporate purposes.