Microbot Medical Inc (NASDAQ:MBOT)
Microbot Medical Inc (NASDAQ:MBOT), headquartered in Massachusetts, shares are trading in heavy volumes on the back of a news release announcing that the company has been granted patent number 9,675,748 by the United States Patent and Trademark Office (USPTO). The patent was granted for Microbot’s device which aims to prevent shunt stenosis. Shunt systems are used in conjunction with catheters, including ventricular catheters, and are susceptible to complications. Shares of MBOT have jumped over 5% on the news to around $2.22 on volumes over 60 times their average.
Microbot Medical Inc (NASDAQ:MBOT), founded in 2010, became a NASDAQ listed company in November of 2016. The biotech device company specializes in transformational micro-robotic medical technologies. Microbot Medical Inc (NASDAQ:MBOT)’s current platforms, ViRob™ and TipCAT™, are comprised of two highly advanced micro-robotic technologies. Those technologies have enabled the development of two product candidates: the Self Cleaning Shunt™, or SCS™, for the treatment of hydrocephalus and Normal Pressure Hydrocephalus, or NPH. Also being developed is a self-propelling, semi-disposable endoscope for use in colonoscopy procedures.
Since its 2016 NASDAQ IPO, Microbot Medical Inc (NASDAQ:MBOT) shares have not enjoyed a honeymoon with investors. MBOT shares are down over 40% for the past year and down over 65% YTD. The last month has seen the majority of that loss as MBOT recorded a drop of over 50% in the last 30 days. Currently MBOT shares are sitting barely 15% over their 52-week lows of $1.95. That is quite a fall from their 52-week high of $26.91.
Harel Gadot, CEO, President and Chairman of Microbot Medical Inc (NASDAQ:MBOT), stated “Our innovative technology platforms, which we believe are well ahead of the micro robotic curve, position the Company to address multi-billion market opportunities. The addition of the proceeds from our recently completed equity offering gives us the resources to execute upon these opportunities and strengthen our unique core capabilities to implement other market-penetrating growth prospects”.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. All information, or data, is provided with no guarantees of accuracy.
Don’t miss out! Stay informed on $MBOT and receive breaking news on other hot stocks by signing up for our free newsletter!
About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.