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Microbot Medical Inc. shares slid 20% Friday, after the medical device company announced a $10 million registered direct offering priced at-the-market at $10.50, a discount to its closing price Thursday of $13.98.
Proceeds of the deal will be used to develop the company’s self-cleaning shunt device for the treatment of hydrocephalus, or water on the brain, to develop its Liberty robotic system, to expand and develop additional applications deriving from its existing IP portfolio, and for working capital and other general corporate purposes.
The news caps a busy week for Microbot MBOT, -19.93%, which was founded in 2010 by Harel Gadot, Prof. Moshe Shoham, and Yossi Bornstein and is based in Hingham, Massachusetts.
On Monday, the company said it would reveal Liberty, which it says is the world’s first fully disposable robotic system for use in neurovascular, cardiovascular and peripheral vascular procedures, on Jan. 13 in San Francisco. The news sent its stock up more than 77% in one day, followed by a 61% gain on Tuesday.
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On Wednesday, the stock price pulled back after the company announced a $9.59 million at-the-market offering, which was completed on Thursday.
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The stock is still up 104% on the week, while the S&P 500 SPX, +0.07% has gained 0.6%.
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