A subsidiary of Microbot Medical has exercised the option to acquire new patented technology from CardioSert, a privately-held medical device company based in Israel.
Earlier this year, Microbot entered into an agreement with CardioSert to purchase the novel technology after a 90-day evaluation period.
In exchange for this acquisition, Microbot Medical has paid 100,000 restricted shares from its common stock and a cash payment of $250,000 to CardioSert.
The technology acquisition is expected to be closed by the end of April. The transaction will include CardioSert’s technology including R&D information, technical know-how and intellectual property.
CardioSert had originally developed the technology to support interventional cardiologists in crossing the most complex lesions called chronic total occlusion (CTO) during percutaneous coronary intervention (PCI) procedures.
Microbot Medical said the technology has the potential to be used in other spaces and applications including peripheral intervention, neurosurgery and urology.
CardioSert participated in technological incubator supported by the Israel Innovation Authorities (formerly known as the Office of the Chief Scientist, or OCS), and its device has successfully completed pre-clinical testing.
Assuta Ashdod Medical Center (Israel) department of radiology and nuclear medicine chairman Eyal Morag said: “Based on my experience evaluating CardioSert’s unique technology, it has the potential capabilities to make endo-luminal interventions easier and faster.”
“I believe that future products by Microbot, which will include CardioSert’s technology, will have the potential to assist in more consistent, shorter and hence more cost-effective procedures.”
Microbot specializes in transformational micro-robotic medical technologies using the natural and artificial lumens within the human body.