Microbot Medical Secures Grant to Boost Manufacturing Strength
Microbot Medical's Strategic Grant Acquisition
Microbot Medical Inc., a pioneering medical technology firm, has made headlines with its recent achievement of securing a non-dilutive grant from the Israel Innovation Authority. This funding, amounting to roughly NIS 2.15 million (around $630,000), is poised to significantly enhance the operational capabilities of the company. The grant will primarily focus on bolstering their manufacturing prowess, a critical step as they prepare for the commercialization of their groundbreaking LIBERTY System, pending FDA approval.
Strengthening Manufacturing Capabilities
The Israel Innovation Authority's recognition of Microbot Medical's potential is based on multiple factors. These include an analysis of the target market size, the distinct advantages presented by their single-use, disposable robotic platform, and the anticipated benefits for both healthcare providers and patients. This grant signals confidence in the company's technological advancements, showcasing the rigorous evaluation conducted by the IIA.
Comments from Leadership
Rachel Vaknin, Chief Financial Officer of Microbot Medical, shared her insights, stating, "This non-dilutive grant strengthens our balance sheet and allows us to further enhance our operational readiness plans as we await the FDA’s marketing clearance decision." She emphasized the IIA’s ongoing support has played a vital role in their journey and affirms their commitment to scaling manufacturing effectively to meet future business targets.
About the LIBERTY System
The LIBERTY System, though currently in its investigational phase, represents a transformative shift in endovascular surgical procedures. It is important to note that the device is pending 510(k) clearance from the FDA and is not available for sale in the U.S. market yet. The anticipated approval will pave the way for its launch, opening up new avenues for treatment and healthcare delivery.
About Microbot Medical Inc.
Founded with the vision to redefine endovascular robotics, Microbot Medical Inc. is at the forefront of innovation in medical technology. The company aims to elevate patient care globally through its advanced robotic systems. Their first product, the LIBERTY System, reflects a blend of cutting-edge technology and practical application, aimed at breaking down barriers that have traditionally limited access to sophisticated surgical solutions.
Contact Information
For more information about Microbot Medical, interested parties can reach out via email at IR@microbotmedical.com.
Frequently Asked Questions
What is the purpose of the grant received by Microbot Medical?
The grant will enhance Microbot Medical's operational capabilities and manufacturing strengths as they prepare for the commercialization of their LIBERTY System.
How much was the grant awarded?
The grant awarded to Microbot Medical is approximately NIS 2.15 million, which translates to about $630,000.
What is the LIBERTY System?
The LIBERTY System is an investigational device pending FDA 510(k) clearance, designed to improve endovascular surgical procedures.
Who commented on the grant acquisition?
Rachel Vaknin, the Chief Financial Officer of Microbot Medical, discussed the significance of the grant and its impact on operational readiness.
How does Microbot Medical aim to change patient care?
Microbot Medical's vision is to redefine endovascular robotics, improving the quality of care for millions of patients through innovative medical technologies.
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