BRAINTREE, Mass. - Microbot Medical Inc. (NASDAQ:MBOT) has announced a partnership with Brigham and Women's Hospital (BWH) in Boston to conduct a pivotal human clinical trial of its LIBERTY Endovascular Robotic Surgical System. The trial follows the U.S. Food and Drug Administration's approval, as reported on June 17, 2024.
The Site Initiation Visit at BWH has been completed, preparing the clinical staff with training on the study protocols and the LIBERTY system's usage. The first shipment of investigational systems has already arrived at the hospital this week.
Dr. Dmitry Rabkin, MD, PhD, Assistant Chief of the Division of Angiography & Interventional Radiology, will serve as the principal investigator for the study at BWH. Harel Gadot, CEO of Microbot, expressed confidence in the collaboration with BWH, citing their commitment to research and advancement in science as key to the study's potential success.
Microbot Medical is a clinical-stage medical device company focused on micro-robotic technologies aimed at improving clinical outcomes and accessibility for endovascular procedures. The LIBERTY system is designed to offer a more streamlined approach to surgical robotics, potentially reducing the need for large equipment, minimizing radiation exposure, and lessening physician strain.
The company is in the process of engaging additional leading centers to participate in the clinical trial. The LIBERTY system's remote operation is anticipated to be the first of its kind to democratize endovascular interventional procedures.
This announcement is based on a press release statement from Microbot Medical Inc. and contains forward-looking statements, which involve risks and uncertainties. The success of the clinical trial and the future of the LIBERTY system are subject to these risks, including regulatory approvals and the outcomes of the studies.
In other recent news, Microbot Medical has been making significant strides in its operations. The company secured approximately $2.35 million in a new financing round through stock sales and investment options. The funds are expected to support the development and commercialization of its LIBERTY® Robotic System, among other corporate purposes.
Microbot Medical also received FDA approval to proceed with its pivotal clinical trial for the LIBERTY® Endovascular Robotic Surgical System. This trial is a crucial step towards potential regulatory clearance and commercialization. In addition, the company completed the first phase of its collaboration with Corewell Health, successfully evaluating the technical capabilities of the LIBERTY System for various endovascular interventions.
Despite recent events in Israel, Microbot Medical's operations have continued seamlessly. The company has confirmed its adherence to planned timelines and milestones, including its collaboration with the FDA on an Investigational Device Exemption (IDE) submission and the forthcoming human clinical trial of the LIBERTY System.
Notably, H.C. Wainwright adjusted its outlook on Microbot Medical, reducing the price target to $7.00 from the previous $8.00, while maintaining a Buy rating on the company's stock. These developments reflect the company's recent progress and potential for growth in the medical technology industry.
InvestingPro Insights
As Microbot Medical Inc. (NASDAQ:MBOT) embarks on a pivotal human clinical trial of its LIBERTY Endovascular Robotic Surgical System, investors are closely monitoring the company's financial health and market performance. InvestingPro data reveals that Microbot Medical currently holds a market capitalization of $16.28 million USD.
The company's stock price has been subject to volatility, as indicated by a 1-week total price return of -5.56%. Over a longer term, the 1-year price total return stands at -66.67%, reflecting the challenges and market sentiment surrounding the medical device sector.
InvestingPro Tips suggest that while Microbot Medical holds more cash than debt on its balance sheet, a critical factor for sustaining operations, it is also quickly burning through cash which could impact its ability to fund ongoing clinical trials and product development. Moreover, the company has not been profitable over the last twelve months, and analysts do not anticipate profitability this year. This is particularly relevant for investors who are considering the long-term viability of the company post-trial.
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