Microbot Medical Inc. (Nasdaq:MBOT), a medical device company specializing in the design and development of transformational micro-robotic medical technologies, closed the previously disclosed asset purchase agreement with BOCO Silicon Valley, Inc., a wholly-owned subsidiary of Bright Oceans Corporation, for proceeds to the Company of $3,460,000. These proceeds include $255,000 which was previously paid to the Company’s predecessor, StemCells Inc., and $400,000 which will be held in escrow for 12 months to assure performance of contractual representations and warranties, but exclude consulting fees paid directly from escrow at closing to former StemCells employees involved in the asset transfer.
The transferred assets included stem and progenitor cell lines that belonged to the predecessor company, StemCells, which completed a merger with the Company on November 28, 2016. The resources from the asset sale will be used to further develop the Company’s transformational micro-robotic technologies that are designed to treat and diagnose various medical conditions. The Company’s initial products are expected to address the unmet medical needs for Cerebrospinal Fluid (CSF) and Gastrointestinal (GI), and are expected to be submitted the FDA in the near future.
“The proceeds enhance our balance sheet in a non-dilutive manner and allow us to add key management hires as well as continue focusing on the development of our innovative micro-robotic technologies,” commented Harel Gadot, Chairman and Chief Executive Officer. “The products borne from these technologies will allow us to enhance the quality of life and address unmet medical needs impacting millions of patients globally.”
