Microbot Medical Inc

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]

Quick facts: Microbot Medical Inc

Price: $5.41

Market: NASDAQ
Market Cap: $23.3 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: Empower Clinics begins trading on the OTCQB under the ticker...

Empower Clinics (CSE: CBDT-OTC: EPWCF) Chairman and CEO Steven McAuley sat down with Steve Darling from Proactive Vancouver to share news the company is now trading in the United States. Empower is now listed on the OTCQB market and McAuley talks about what this means for the company and...

56 minutes ago

2 min read