GlobeNewswire04.17.18
Microbot Medical Inc., a medical device company specializing in the design and development of transformational micro-robotic medical technologies, today announced that its wholly-owned subsidiary has exercised the option to acquire a novel patent-protected technology from CardioSert Ltd.
“The acquisition of this novel technology, which is complementary to our existing micro-robotic technologies, strengthens our IP portfolio and creates additional barriers to entry while increasing our addressable markets,” commented Harel Gadot, CEO, president, and Chairman. “Along with the recent non-dilutive grant secured from the European Commission, the recent rehire of Simon Sharon, and with the anticipated data readout from two ongoing studies in the next couple of months of our first product, the SCS, I am confident we can maintain our momentum and deliver on our core promises to increase shareholder value.”
Dr. Eyal Morag, Chairman, Department of Radiology and Nuclear Medicine at Assuta Ashdod Medical Center (Israel), commented that, “Based on my experience evaluating CardioSert’s unique technology, it has the potential capabilities to make endo-luminal interventions easier and faster.” “I believe that future products by Microbot, which will include CardioSert’s technology, will have the potential to assist in more consistent, shorter and hence more cost-effective procedures.”
The closing of the technology acquisition is expected in late April, at which time Microbot will own CardioSert’s innovative technology, including R&D information, technical know-how and intellectual property in exchange for 100,000 restricted shares of Microbot’s common stock and a cash payment of $250,000.
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.
As previously announced in January 2018, Microbot entered into an agreement with CardioSert, a privately-held medical device company based in Israel, to purchase the novel technology following a 90-day evaluation period. The evaluation, which was performed by Dr. Morag on behalf of Microbot, confirmed its view that CardioSert’s technology has the potential to be used in other medical spaces and applications, such as peripheral intervention, neurosurgery and urology.
“The acquisition of this novel technology, which is complementary to our existing micro-robotic technologies, strengthens our IP portfolio and creates additional barriers to entry while increasing our addressable markets,” commented Harel Gadot, CEO, president, and Chairman. “Along with the recent non-dilutive grant secured from the European Commission, the recent rehire of Simon Sharon, and with the anticipated data readout from two ongoing studies in the next couple of months of our first product, the SCS, I am confident we can maintain our momentum and deliver on our core promises to increase shareholder value.”
Dr. Eyal Morag, Chairman, Department of Radiology and Nuclear Medicine at Assuta Ashdod Medical Center (Israel), commented that, “Based on my experience evaluating CardioSert’s unique technology, it has the potential capabilities to make endo-luminal interventions easier and faster.” “I believe that future products by Microbot, which will include CardioSert’s technology, will have the potential to assist in more consistent, shorter and hence more cost-effective procedures.”
The closing of the technology acquisition is expected in late April, at which time Microbot will own CardioSert’s innovative technology, including R&D information, technical know-how and intellectual property in exchange for 100,000 restricted shares of Microbot’s common stock and a cash payment of $250,000.
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.
As previously announced in January 2018, Microbot entered into an agreement with CardioSert, a privately-held medical device company based in Israel, to purchase the novel technology following a 90-day evaluation period. The evaluation, which was performed by Dr. Morag on behalf of Microbot, confirmed its view that CardioSert’s technology has the potential to be used in other medical spaces and applications, such as peripheral intervention, neurosurgery and urology.
