BRAINTREE, Mass. - Microbot Medical Inc. (NASDAQ:MBOT), a clinical-stage medical device company, has announced a Phase 2 collaboration with Corewell Health to further develop its LIBERTY Endovascular Robotic System for remote telesurgery. This follows the successful completion of Phase 1, which validated the system's technical capabilities for endovascular procedures.
During Phase 2, the collaboration will focus on developing the ability to perform simulated cardiovascular interventional procedures remotely, using the LIBERTY system across two Corewell Health facilities. These facilities are located within a 5-mile radius in West Michigan. The project is spearheaded by Dr. Ryan Madder, Section Chief of Interventional Cardiology and Director of the Cardiac Cath Lab at Corewell Health.
Dr. Madder's recent publication in the Journal of the American College of Cardiology: Cardiovascular Interventions, emphasized the technical success of the LIBERTY system in a pre-clinical study, specifically in coronary guidewire and stent delivery.
Harel Gadot, CEO, President, and Chairman of Microbot Medical, expressed the company's commitment to integrating telesurgery into their long-term strategy, aiming to increase access to care for patients in remote locations. The LIBERTY system is designed to be a more compact and less expensive alternative to current endovascular surgical robotics, potentially reducing radiation exposure and physical strain on physicians.
Microbot Medical is recognized for its micro-robotic technologies aimed at improving clinical outcomes and accessibility. The LIBERTY Endovascular Robotic Surgical System is part of their effort to transform surgical robotics in endovascular procedures.
The press release statement also included forward-looking statements about the company's expectations and prospects, which are subject to risks and uncertainties, such as market conditions and regulatory approvals.
Investors and industry observers will be watching closely as Microbot Medical and Corewell Health continue to test and refine these innovative telesurgery capabilities, potentially shaping the future of remote medical interventions.
In other recent news, Microbot Medical, a clinical-stage medical device company, has been making significant strides in its operations. The company has expanded its pivotal human clinical trial for the LIBERTY Endovascular Robotic Surgical System to include Baptist Hospital of Miami, following FDA approval. This marks Baptist Hospital as the second site to participate in the trial, alongside Miami Cardiac & Vascular Institute, Miami Cancer Institute, and Brigham and Women’s Hospital.
Microbot Medical also announced a partnership with Brigham and Women's Hospital to conduct this pivotal clinical trial. The company has been actively enrolling and activating leading clinical sites for the trial. The company's LIBERTY system is designed to be operated remotely, potentially democratizing endovascular interventional procedures.
Microbot Medical has amended its existing At the Market Offering Agreement with H.C. Wainwright & Co., LLC, allowing it to offer and sell shares of its common stock with an aggregate offering price of up to $4,819,905. Concurrently, the company secured approximately $2.35 million in gross proceeds from a stock sale and investment options, with H.C. Wainwright & Co. serving as the exclusive placement agent.
In terms of analyst notes, H.C. Wainwright adjusted its outlook on Microbot Medical, reducing the price target to $7.00 while maintaining a Buy rating. Despite recent tensions in Israel, Microbot Medical confirmed that its operations remain on track, continuing to meet its regulatory objectives and positioning the LIBERTY system for market entry in the USA and Europe. These are the recent developments for Microbot Medical.
InvestingPro Insights
As Microbot Medical Inc. (NASDAQ:MBOT) advances its LIBERTY Endovascular Robotic System through collaboration with Corewell Health, investors are examining the company's financial health and market performance. An InvestingPro Tip indicates that Microbot holds more cash than debt on its balance sheet, which can be a positive sign of the company's ability to fund ongoing research and development without relying heavily on external financing. Furthermore, the company's liquid assets exceed its short-term obligations, providing some financial flexibility in the near term.
However, there are challenges ahead, as the company is quickly burning through cash and suffers from weak gross profit margins. Analysts do not anticipate the company will be profitable this year, and the stock price movements have been quite volatile, as evidenced by a -49.51% one-year price total return. This volatility may reflect investor sentiment about the risks and uncertainties inherent in the medical device industry, especially for companies in the clinical stages of development like Microbot Medical.
Looking at the InvestingPro Data, Microbot Medical has a market capitalization of $17.16 million, reflecting its status as a small-cap company with potential for growth but also higher risk. The company's Price to Book ratio stands at 2.83, which can offer insights into how the market values the company's net assets. Additionally, with a negative Return on Assets of -113.94%, it is clear that the company is not generating positive earnings from its assets at this time.
For investors interested in the detailed financials and further analysis, there are additional InvestingPro Tips available at InvestingPro that could provide deeper insights into Microbot Medical's performance and future prospects.
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