The LIBERTY Endovascular Robotic System is a single-use, remotely operated device for peripheral endovascular procedures. | Source: Microbot Medical
Microbot Medical Inc. closed its exercise of certain outstanding preferred investment options to purchase an aggregate of 13.9 million shares of common stock. Founded in 2010, the company said it is focused on transforming endovascular procedures through advanced robotic technology.
Hingham, Mass.-based Microbot offers LIBERTY, an endovascular robotic system for interventional physicians and hospitals seeking to improve procedural precision, safety, and efficiency. Unlike traditional manual techniques, the surgical robot offers a single-use, compact design that enables controlled remote operation, claimed the company.
LIBERTY can be used in neurovascular, cardiovascular, and peripheral vascular procedures. Microbot added that it could lower procedure costs and improve the overall quality of care.
In August, Microbot announced a new patent covering a modular robotic surgical system. The system includes a base and multiple tool-receiver units arranged as separate units. These units are independently and interchangeably attachable to the base. The company said the patent could allow it to adapt Liberty for a wider range of endovascular procedures.
Surgical robotics will be on the agenda at RoboBusiness 2025 next week in Santa Clara, Calif. Iman Jeddi, Ph.D., and senior vice president and general manager of Intuitive Surgical’s multiport platform, will offer a look inside the redesign and launch of the da Vinci 5, the company‘s next-generation surgical robot.
Microbot to accelerate LIBERTY commercial launch
This is the third and final closing of Microbot Medical’s stock options. The first close brought in $25.2 million, the second $1.2 million, and the third $2.8 million. The company said it could bring in up to an additional $63 million of aggregate gross proceeds upon the exercise in full of short-term preferred investment options.
The first closing included over 12 million shares of stock, with prices ranging from $1.50 to $2.13 per share. The second closing included 600,000 shares of common stock at $2.10 per share. At the third closing, a holder exercised an aggregate of 1.3 million shares of common stock at $2.10 per share. Microbot issued to such holder new unregistered short-term series J preferred investment options to purchase the shares of common stock.
The surgical robotics’ company’s new short-term Series J preferred investment options will have an exercise price of $4.50 per share. They will be exercisable beginning six months after issuance, and have a term equal to two years thereafter. The potential additional gross proceeds to the company from the short-term Series J preferred investment options, if fully-exercised on a cash basis, will be approximately $63 million.
Microbot said it plans to use the proceeds to support development, commercialization, and regulatory work for its LIBERTY system. The company also plans to pursue potential acquisitions, expand applications of its intellectual property, and use the funding for working capital and general corporate purposes. Microbot said the latest developments have accelerated its commercial launch plans.
