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HINGHAM, Mass. - Microbot Medical Inc. (NASDAQ:MBOT), a medical robotics company whose stock has surged over 140% in the past six months, has been granted a patent in China by the China National Intellectual Property Administration for robotic manipulation of surgical tool handles, the company announced Tuesday.According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet, positioning it well for continued development of its innovative technologies.
The patent adds to Microbot’s intellectual property portfolio, which now includes nine granted patents globally and 59 pending patent applications related to its LIBERTY Endovascular Robotic System.
The company is preparing for the anticipated U.S. commercial launch of the LIBERTY system in the third quarter of 2025, pending FDA clearance. While focusing primarily on the U.S. market, Microbot is also establishing groundwork for international expansion.
"With an estimated over two million peripheral endovascular procedures performed annually in the U.S., and another approximately 2.9 million estimated in China, we believe the opportunity to impact developed and emerging markets is significant," said Harel Gadot, Chairman, CEO and President of Microbot Medical.
The LIBERTY system is designed as a single-use, fully disposable endovascular robotic system. The company aims to eliminate traditional barriers to accessing advanced robotic systems in medical procedures.
The company noted in its press release statement that the LIBERTY system remains an investigational device pending FDA 510(k) clearance and is not currently available for sale in the U.S.
Microbot Medical develops medical robotics technology with a focus on endovascular procedures, which involve accessing the inside of blood vessels through small incisions or punctures in the skin.
In other recent news, Microbot Medical Inc. has made notable corporate advancements. The company has increased its authorized common stock from 60 million to 120 million shares following a stockholder vote. This decision was part of several proposals passed during a recent stockholders’ meeting, which also included amendments to the company’s 2020 Omnibus Performance Award Plan and the ratification of its independent registered public accounting firm. Meanwhile, Microbot Medical is gearing up for the anticipated U.S. launch of its LIBERTY Endovascular Robotic System, expected in the third quarter of 2025, pending FDA clearance. The company has expanded its commercial team, adding Michael Lytle as head of Sales Operations & Analytics, and appointed Allison Rosefort as Vice President of Marketing and Lisa Dobbins as Director of Human Resources. H.C. Wainwright has reiterated a Buy rating on Microbot Medical’s stock, maintaining a $9 price target, reflecting confidence in the company’s commercial strategy. Additionally, Microbot Medical is set to join the Russell Microcap Index, potentially increasing its visibility within the investment community. The company’s inclusion in the index is part of the annual reconstitution of Russell indexes, scheduled to take effect in late June 2025.
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