Microbot Medical Inc. (NASDAQ CM:MBOT), a medical device company specializing in the design and development of transformational micro-robotic medical technologies, recently announced the closing of the previously-announced acquisition of a novel patent-protected technology from CardioSert Ltd. Following the closing, the Company owns CardioSert’s innovative technology, including R&D information, technical know-how and intellectual property.
“The completion of this exciting and value-added acquisition, combined with our existing capabilities, global IP and recent pre-clinical results is expected to allow us to deliver highly differentiated robotic products to address some of today’s most unmet medical needs,” commented Harel Gadot, Chief Executive Officer, President and Chairman. “Our product development team has already completed the process of evaluating the CardioSert technology, and while leveraging our new and enhanced R&D facilities in Israel, we expect to move forward with new applications in the coming few months, continue focusing on our SCS device and building a multi-generation product pipeline.”
As previously disclosed, the acquisition of the assets and know-how was in exchange for 100,000 restricted shares of Microbot’s common stock and a cash payment at closing of $250,000, plus potential additional milestone payments and earn-outs. The CardioSert technology was originally developed to support interventional cardiologists in crossing the most complex lesions called chronic total occlusion (CTO) during percutaneous coronary intervention (PCI) procedures, but Microbot believes the technology has the potential to be used in other spaces and applications, such as peripheral intervention, neurosurgery and urology. CardioSert was part of a technological incubator supported by the Israel Innovation Authorities (formerly known as the Office of the Chief Scientist, or OCS), and its device has successfully completed pre-clinical testing.