Microbot Medical Inc. Reports First Quarter 2017 Financial Results and Recent Development Progress
15 May 2017 - 9:30PM
Microbot Medical Inc. (Nasdaq:MBOT), a medical device company
specializing in the design and development of transformational
micro-robotic medical technologies, today reported financial and
operational results for the quarter ended March 31, 2017, as well
as recent corporate progress.
“During the first quarter, we made significant
progress advancing our TipCAT and ViRob technology platforms,
including several achievements that will act as powerful catalysts
in the second half of the year,” commented Harel Gadot, CEO,
President and Chairman. “We have partnered with leading academic
institutions to validate our technology and strengthened our
management team and Board of Directors to ensure we have the
additional experience and expertise to continue executing our short
and long term goals.”
First Quarter 2017 and Recent Key
Achievements
- Initiated pre-clinical safety and efficacy studies at two
leading US institutions to evaluate the Company’s revolutionary
self-cleaning shunt (SCS), which is designed to prevent obstruction
in Cerebrospinal Fluid Catheters.
- Received an issuance of allowance for a patent covering a
device for the prevention of shunt stenosis, specifically in the
hemodialysis space. The Company believes this provides
another area of future growth as well as an additional layer of
protection to its innovative technology platforms, extending beyond
its current IP protected applications.
- Enhanced its Board of Directors with the addition of Martin
Madden, a seasoned healthcare executive who had spent his entire
career in the medical device market, primarily at Johnson &
Johnson.
- Expanded the management team with the addition of Eran Cohen,
Director of Business Development. Mr. Cohen is a proven
leader in the medical device space and his primary focus will be on
continuing the Company’s partnerships and collaborative activities
as well as continue exploring areas of growth opportunities
leveraging the Company’s two technology platforms, TipCAT and
ViRob.
- Strengthened balance sheet with proceeds of $3.5 million from
the sale of the Company’s common stock.
Near-term Milestones
- Anticipate initial research results from the in-vitro
feasibility study on its self-cleaning shunt. The study is
being conducted at Wayne State University and the primary objective
of the study is to test and finalize the design of the Company’s
device.
- Expect to have a validation prototype of TipCAT and initiate
pre-clinical studies by the end of the year. The Company’s
initial application is focused on the colon, and other diagnostic
and therapeutic endoscopic procedures such as Chronic Total
Occlusion (CTO), urethroscopy and catheterization.
- Additional patent approvals are expected, both in the US and
ex-US, to further strengthen the Company’s IP portfolio.
Financial Results
For the quarter ended March 31, 2017, the
Company incurred a net loss of $1.3 million, or $0.04 per share,
compared to a net loss of $0.276 million, or $0.01 per share, in
March 31, 2016. Research and development expenses for the
quarter ended March 31, 2017 were $0.184 million compared to $0.219
million for the same period in 2016. General and administrative
expenses increased to $1.049 million from $0.06 million for the
same period in 2016.
At March 31, 2017, Microbot Medical had cash and
cash equivalents of $5.0 million. The Company continues to
believe it has the resources to execute its development and FDA
submission plans.
About Microbot Medical, Inc.
Microbot was founded in 2010, which commenced
operations in 2011, and became a NASDAQ listed company on November
28, 2016. The Company specializes in transformational micro-robotic
medical technologies leveraging the natural and artificial lumens
within the human body. Microbot’s current platforms, ViRob and
TipCAT, are comprised of two highly advanced micro-robotic
technologies, from which the Company is currently developing its
first two product candidates: the Self Cleaning Shunt, or SCS, for
the treatment of hydrocephalus and Normal Pressure Hydrocephalus,
or NPH; and a self-propelling, semi-disposable endoscope that is
being developed initially for use in colonoscopy procedures.
Further information about Microbot Medical is available at
http://www.microbotmedical.com.
The ViRob technology is a revolutionary
autonomous crawling micro-robot which can be controlled remotely or
within the body. Its miniature dimensions allow it to
navigate and crawl in different spaces within the human body,
including blood vessels, the digestive tract and the respiratory
system. Its unique structure gives it the ability to move in
tight spaces and curved passages as well as the ability to remain
within the human body for prolonged time. To learn more about
ViRob please visit
http://www.microbotmedical.com/technology/virob/.
TipCAT is a transformational self-propelled,
flexible, and semi-disposable endoscope providing see & treat
capabilities within tubular lumens in the human body such as the
colon, blood vessels, and the urinary tract. Its locomotion
mechanism is perfectly suitable to navigate and crawl through
natural & artificial tubular lumens, applying the minimal
necessary pressure to achieve the adequate friction required for
gentle, fast, and safe advancement within the human body. To
learn more about TipCAT visit
http://www.microbotmedical.com/technology/tipcat/.
Safe Harbor
Statements pertaining to future financial and/or
operating results, future growth in research, technology, clinical
development, and potential opportunities for Microbot Medical Inc.
and its subsidiaries, along with other statements about the future
expectations, beliefs, goals, plans, or prospects expressed by
management constitute forward-looking statements. Any statements
that are not historical fact (including, but not limited to
statements that contain words such as “will,” “believes,” “plans,”
“anticipates,” “expects” and “estimates”) should also be considered
to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation,
risks inherent in the development and/or commercialization of
potential products, uncertainty in the results of clinical trials
or regulatory approvals, need and ability to obtain future capital,
and maintenance of intellectual property rights. Actual results may
differ materially from the results anticipated in these
forward-looking statements and as such should be evaluated together
with the many uncertainties that affect the businesses of Microbot
Medical Inc. particularly those mentioned in the cautionary
statements found in Microbot Medical Inc.’s filings with the
Securities and Exchange Commission. Microbot Medical disclaims any
intent or obligation to update these forward-looking
statements.
(tables to follow)
MICROBOT MEDICAL INC. |
|
INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
U.S. dollars in thousands |
|
(Except share data) |
|
|
|
|
As of March 31, |
|
As of December 31, |
|
|
2 0 1 7 |
|
2 0 1 6 |
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash
and cash equivalents |
$ |
5,002 |
|
|
$ |
2,709 |
|
|
Other
receivables |
|
606 |
|
|
|
606 |
|
|
Total Current assets |
|
5,608 |
|
|
|
3,315 |
|
|
|
|
|
|
Fixed assets, net |
|
69 |
|
|
|
53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
5,677 |
|
|
$ |
3,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Trade
payables |
$ |
300 |
|
|
$ |
512 |
|
|
Accrued liabilities |
|
518 |
|
|
|
271 |
|
|
Total current liabilities |
|
818 |
|
|
|
783 |
|
|
|
|
|
|
Long term liabilities: |
|
|
|
Convertible notes |
|
245 |
|
|
|
76 |
|
|
Derivative warrant liability |
|
225 |
|
|
|
313 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
1,288 |
|
|
|
1,172 |
|
|
|
|
|
|
Commitments |
|
|
|
|
|
|
|
Temporary equity: |
|
|
|
Common stock of $0.01 par value; |
|
|
|
|
|
|
|
|
issued
and outstanding: 10,702,838 shares as of March 31, 2017 |
|
500 |
|
|
|
500 |
|
|
|
|
|
|
Shareholders’ equity (deficit): |
|
|
|
Preferred stock of $0.01 par value (Microbot Medical Inc.); |
|
|
|
Authorized: 1,000,000 shares as of March 31, 2017 and December 31,
2016; |
|
|
|
Issued
and outstanding: 9,736 shares as of March 31, 2017 and
December 31, 2016; |
(*) |
(*) |
|
Common stock of $0.01 par value; |
|
|
|
|
|
|
|
|
Authorized: 220,000,000 shares as of March 31, 2017 and December
31, 2016; |
|
|
|
|
|
|
|
|
Issued
and outstanding: 16,548,495 and 15,848,136 shares as of March 31,
2017, and December 31, 2016, respectively |
|
273 |
|
|
|
266 |
|
|
Additional paid-in capital |
|
17,958 |
|
|
|
14,465 |
|
|
Accumulated deficit |
|
(14,342 |
) |
|
|
(13,035 |
) |
|
|
|
3,889 |
|
|
|
1,696 |
|
|
|
|
|
|
|
|
|
|
|
$ |
5,677 |
|
|
$ |
3,368 |
|
|
|
|
|
|
|
|
|
|
|
(*)
Less than 1
MICROBOT MEDICAL INC. |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
(UNAUDITED) |
U.S. dollars in thousands |
(Except share data) |
|
|
Three Months ended |
|
March 31, |
|
|
2 0 1 7 |
|
|
|
2 0 1 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses, net |
$ |
184 |
|
|
$ |
219 |
|
|
|
|
General and administrative expenses |
|
1,049 |
|
|
|
66 |
|
|
|
|
Operating loss |
|
(1,233 |
) |
|
|
(285 |
) |
|
|
|
Financing income (expenses), net |
|
(74 |
) |
|
|
9 |
|
|
|
|
Net loss |
$ |
(1,307 |
) |
|
$ |
(276 |
) |
|
|
|
Basic and diluted loss per share |
$ |
( 0.04 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
Investor Contacts:
EVC Group
Michael Polyviou
mpolyviou@evcgroup.com
646-445-4800
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