Microbot Medical entered into definitive agreements for the purchase and sale of common stock for proceeds of $7 million. The offering includes just over 4 million shares of common stock priced at $1.75 per share. In an additional concurrent private placement, the company plans to issue unregistered short-term Series G preferred investment options. Those options to purchase up to 8 million shares of common stock have an exercise price of $1.75 as well.
Hingham, Massachusetts-based Microbot expects the offering and concurrent private placement to close on or about Jan. 7. H.C. Wainwright & Co. serves as the exclusive placement agent for the offerings.
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Microbot Medical plans to use proceeds for the continued development, commercialization and regulatory efforts for its Liberty system.
The company designed its Liberty single-use endovascular surgical robot for potential use in catheter-based neurovascular, cardiovascular and peripheral vascular procedures. The system includes a compact design and remote operating capabilities to reduce radiation exposure and physical strain on physicians.
Microbot believes Liberty’s remote operation could potentially make it the first system to democratize endovascular interventional procedures. The company says it’s the world’s first single-use, fully disposable robotic system for those procedures. The company submitted Liberty to the FDA last month and expects approval and subsequent commercial activity in the second quarter of 2025.
Additional proceeds may also go toward expanding and developing additional applications from the company’s existing IP portfolio, plus working capital and other general corporate purposes.
