Microbot Medical Announces $5.9 Million Registered Direct Offering Priced At-the-Market

Microbot Medical (Nasdaq:MBOT), a medical device company specializing in the design and development of transformational micro-robotic medical technologies, today announced that it has entered into definitive agreements with several institutional investors for the purchase of 590,000 shares of its common stock, at a purchase price per share of $10.00, in a registered direct offering priced at-the-market.

As quoted in the press release:

The gross proceeds to Microbot, before deducting placement agent fees and other offering expenses, are expected to be approximately $5.9 million. Microbot currently intends to use the net proceeds from this offering for the continuous development of its SCS device for the treatment of hydrocephalus and NPH; to expand and develop additional applications deriving from its existing IP portfolio, including the potential addition of complementary assets to the CardioSert portfolio either through internal development, in-license or acquisition; and for working capital and other general corporate purposes.

The shares of common stock are being offered by Microbot pursuant to a “shelf” registration statement on Form S-3 that was originally filed on March 31, 2017 and declared effective by the Securities and Exchange Commission (“SEC”) on April 14, 2017 and the base prospectus contained therein (File No. 333-217076). The offering of the shares of common stock will be made only by means of a prospectus supplement that forms a part of the registration statement.

Click here to read the full press release.