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Microbot extends rally after citing progress with self-cleaning shunt used in hydrocephalus treatment

Separately, the company announced the $3 million registered direct offering of shares to an institutional investor
Illustration of small medical device
The stock of Microbot surged Monday after clinching a European patent

Microbot Medical Inc (NASDAQ:MBOT) extended its gain Tuesday after reporting in a securities filing that a test of its self-cleaning shunt showed promise in preventing blockage of a shunt system used for the treatment of hydrocephalus.

The Hingham, Massachusetts-based micro-robotic medical technology company said in the filing that a test carried out by Envigo CRS Israel “validates the operational effectiveness" of the self-cleaning shunt to prevent blockage.

According to Microbot, it’s estimated that more than 1 million people in the US live with hydrocephalus, a buildup of fluid in the cavities within the brain.

READ: Microbot Medical shares pop on clinching of new European patent

Separately, Microbot announced a $3 million registered direct offering of shares to an institutional investor. 

The company sold 455,000 shares at $6.50 per share. HC Wainwright & Co is acting as the exclusive placement agent for the offering.

Shares of Microbot surged 7.1% to $17.15 in Tuesday’s Nasdaq trading after earlier trading at $19.40. The stock is about four times higher than where it traded Friday.

The stock rallied Monday after the company clinched a European patent for its ViRob technology platform.

Contract Dennis Fitzgerald at [email protected]

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