Pre-clinical medical device company Microbot Medical has received from the Israel Innovation Authority (IIA) for its endovascular surgical robotic system LIBERTY.
The grant will enable the company to further develop its manufacturing process related to the LIBERTY Robotic Surgical System.
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Microbot stated that this is the first time it has secured approval for a grant for the “transition from development to manufacturing” programme.
Microbot CEO Harel Gadot said: 鈥淭his non-dilutive grant will facilitate our efforts to establish the manufacturing infrastructure capability for the LIBERTY system.
鈥淲hile 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.
鈥淭he grant will help us further establish certain advanced manufacturing capabilities in-house to assure the highest quality, efficiency and reliability by reducing logistical barriers and maintaining a competitive advantage.鈥�
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By GlobalDataThe LIBERTY Robotic Surgical System is being developed for use in endovascular procedures to avoid costly equipment besides lowering radiation exposure and the workload of physicians.
It is the first ever single-use endovascular surgical robotic system designed to improve endovascular procedures.
Last month, the robotic surgical system completed during multiple pre-clinical studies. The system achieved a success rate of 95% in meeting pre-determined vascular targets.
In regards to the IIA grant, Microbot is also required to pay royalties ranging from 3% to 5% of its future sales of the LIBERTY product as well as interest.
