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Microbot Medical raises $9M for disposable medical robot

By The Robot Report Staff | January 6, 2020

Microbot Medical

Microbot Medical’s Liberty robotic system. | Credit: Microbot Medical

Microbot Medical raised nearly $9 million in a common stock offering. This comes just days after announcing it is set to unveil its disposable robotic system for multiple procedures later this month.

The Hingham, Mass.–based company agreed to sell 900,901 shares of common stock at a purchase price of $11.10 per share. The gross proceeds of the offering are slated to reach approximately $10 million, with the net proceeds to the company set at approximately $8.99 million.

Microbot Medical plans to use the net proceeds for the development and regulatory activities relating to its spinal cord stimulation (SCS) device for treating hydrocephalus. It is also looking to put funds toward the development of its Liberty robotic system, which is set to be unveiled on Jan. 13.

Microbot Medical touts Liberty as the world’s first fully disposable robotic system for use in 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.

The platform also includes “one-and-done” capabilities designed to eliminate the use of multiple consumables during procedures.

“Liberty is set to revolutionize the way surgical robotics are being used in endovascular procedures by eliminating the need for capital equipment, reducing radiation exposure and aiming to streamline the use of disposables during these complex procedures,” Microbot Medical CEO, president & chairman Harel Gadot said in a news release. “In addition, with Liberty’s remote operation as well as its ‘one-and-done’ capabilities, we believe it has the potential to be the first system to democratize endovascular interventional procedures.”

To stay updated on the latest investments and mergers and acquisitions in the robotics industry, make sure to check out The Robot Report‘s Investment Section.

10 largest robotics M&As of 2019

AcquirerAcquiredAmountDateTechnologyCoverage
Integrated Device TechnologyRenesas$6.7B3/30Autonomous vehiclesStory
J&JAuris Health$3.4B2/13Surgical roboticsStory
HitachiJR Automation$1.43B4/24Industrial integratorStory
SiemensCorindus Vascular Robotics $1.1B8/8Surgical roboticsStory
Northern Private CapitalMDA$765M12/30Space roboticsStory
StrykerMobius Imaging & Cardan Robotics$500M9/6Surgical roboticsStory
PTCOnshape$470M10/23CAD softwareStory
Shopify6 River Systems$450M9/9Mobile robotsStory
FLIR SystemsEndeavor Robotics$385M2/12Military roboticsStory
Kaman Bal Seal Engineering$330M11/5Robotics componentsStory

Editor’s Note: This article first appeared on our sister website Robotics Business Review.

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