Microbot Gets FDA Nod to Start Trial, to Raise $2.35 Million From Direct Offering Deal; Shares Soar

MT Newswires Live06-04

Microbot Medical (MBOT) said Monday it has received approval from the US Food and Drug Administration to start its human clinical trial as part of its investigational device exemption application for its Liberty Endovascular Robotic Surgical System.

The company said the trial will be conducted in the US, adding that it has signed a clinical trial service agreement with an academic medical center.

Separately, Microbot said it signed definitive agreements to sell about 1.6 million shares at $1.50 a share in a registered direct offering. It will also issue series F preferred investment options to buy up to about 3.1 million shares in a concurrent placement.

The company said it plans to use the proceeds for the development, commercialization and regulatory activities for the Liberty Robotic System, among others. It expects to close the deal around Tuesday.

Microbot Medical shares were up about 49% in recent trading.

Price: 1.49, Change: +0.49, Percent Change: +49.00

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