Microbot Medical Inc. (Nasdaq: NASDAQ: MBOT ), the developer of the LIBERTY® Robotic Surgical System, the first single-use endovascular robotic surgical system, announced it has received a grant from the Israel Innovation Authority ("IIA”) in the amount of NIS 1.62 million, which based on a recent exchange rate to the U.S. dollar, would be approximately $440,000, to further support the development of the Company’s manufacturing process of its flagship robotic surgical system, the LIBERTY®.
This is the first time Microbot has received approval for a grant for "transition from development to manufacturing" program, which the Company believe is a reflection of the recent activities and milestones the LIBERTY achieved as it progresses in its path toward its regulatory and commercialization activities.
“This non-dilutive grant will facilitate our efforts to establish the manufacturing infrastructure capability for the LIBERTY® system. While we will work with manufacturing partners to scale production, the sophisticated and crucial core technology and elements of the manufacturing process are expected to be handled internally. The grant will help us further establish certain advanced manufacturing capabilities inhouse to assure the highest quality, efficiency and reliability by reducing logistical barriers and to maintain a competitive advantage. We consider this grant as a vote of confidence in the company, our technology and the LIBERTY® system as we progress toward regulatory and commercial milestones,” commented Harel Gadot, Microbot's Chief Executive Officer.
In relation to the IIA grant, Microbot is obligated to pay royalties amounting to between 3%-5% of its future sales of the LIBERTY product up to the grant amount plus interest. The grant is linked to the U.S. dollar and bears interest at Libor per annum. The grant monies will be paid over time based on the terms of the grant, and the U.S. dollar amount actually received will be based on the exchange rate of the U.S. dollar to the New Israeli Shekel at the time of payment.
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