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Announcement of Proceeds from Offering of 3,788,550 Common Stock Shares
Microbot Medical Inc. (Nasdaq: MBOI), a leading developer of advanced robotic surgery systems, today announced that it has successfully completed the offering of 3,788,550 common shares at a price of $2.27 per share. Proceeds from this offering total $24,496,105 (before underwriting discounts and expenses). This capital infusion will support Microbot Medical’s continued growth as a leader in minimally invasive surgical solutions.
Key Highlights:
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Offering Details:
- Number of shares offered: 3,788,550
- Price per share: $2.27
- Total proceeds before discounts and expenses: $24,496,105
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Use of Proceeds:
The net proceeds will be allocated to research and development activities, commercialization efforts, and the expansion of Microbot Medical’s global sales network.
Regulatory Updates
Microbot Medical has received clearance for its LIBERTY® Endovascular Robotic Surgical System to undergo pre market approval (PMA) by the U.S. Food and Drug Administration (FDA). The company is currently progressing regulatory submissions in both the United States and Europe, with preliminary data indicating significant advantages in precision and ergonomics compared to conventional robotic systems.
The LIBERTY® system has demonstrated superior outcomes in abdominal aortic aneurysm (AAA) treatment over conventional bare metal stents. Microbot Medical’s team is actively pursuing additional regulatory approvals across key markets to ensure global accessibility for this innovative procedure.
Financial Overview
Microbot Medical reported net revenue of $125 million for the year ended December 31, 2022. The company has achieved consistent growth in both domestic and international markets. The recent offering marks a significant milestone as Microbot Medical transitions from a research-and-development focused company to a commercially oriented entity.
Company Mission Statement
"To revolutionize surgical precision through innovative robotic solutions."
Microbot Medical is dedicated to advancing the field of minimally invasive surgery by developing cutting-edge technologies that enhance patient outcomes and reduce recovery times. The LIBERTY® Endovascular Robotic Surgical System represents a step forward in robotic-assisted surgery, offering unparalleled control and accuracy.
Investor Relations
For further information, please contact:
Investor Relations: IR@microbotmedical.com
This document is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities. The offering has been registered under the Securities Act of 1933, and a registration statement has been filed with the U.S. Securities and Exchange Commission (SEC). A prospectus describing the terms and conditions of the securities may be obtained from the investment firm where the offering is made.
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