8-K: Microbot Medical's Robotic Telesurgery Collaboration with Corewell Health Shows Promising Results

Microbot Medical announces its collaboration with Corewell Health demonstrates the feasibility of using the LIBERTY Endovascular Robotic System for remote coronary procedures.

Summary

• Microbot Medical Inc. announced that its research collaboration with Corewell Health has demonstrated the feasibility of using the LIBERTY Endovascular Robotic System between separate and remote facilities in a coronary simulation model.
• The project assessed the feasibility of using LIBERTY to perform simulated cardiovascular interventional procedures across two sites within the Corewell Health system located 5 miles apart.
• The research has been accepted for presentation at the Cardiovascular Research Technologies (CRT) annual meeting from March 8-11, 2025, in Washington D.C., and will be published in the Journal of the American College of Cardiology (JACC) Interventions online edition.
• The telesurgery feature of LIBERTY is still under development and is not covered under the Company's pending 510(k) premarket submission with the U.S. Food and Drug Administration.

Sentiment

Score: 7

Explanation: The announcement is positive, highlighting a successful research collaboration and progress in developing the LIBERTY system. However, the telesurgery feature is still under development, and the company faces regulatory and financial risks.

Positives

• The collaboration with Corewell Health has reached a meaningful milestone, demonstrating the feasibility of robotic telesurgery for endovascular applications.
• The LIBERTY robotic system functioned well in a telerobotic setting, according to the study.
• The system's small footprint and disposable design create exciting possibilities for future telerobotic endovascular procedures.
• The presentation at CRT reflects the importance of integrating telesurgery in the future of healthcare.
• The company believes that robotic telesurgery will increase access to high quality healthcare for patients in remote locations.

Negatives

• The telesurgery feature of LIBERTY is still under development and is not covered under the Company's pending 510(k) premarket submission with the U.S. Food and Drug Administration.
• The company is pre-commercial stage.

Risks

• The company's need for and ability to obtain additional working capital to continue its transition to a commercially focused company.
• Risks inherent in the development and/or commercialization of the LIBERTY Endovascular Robotic System, including its potential telesurgery feature.
• Uncertainty in the results of regulatory pathways and regulatory approvals, including whether the FDA will grant 510(k) clearance to commercially market the LIBERTY Endovascular Robotic System in the United States.
• Disruptions resulting from new and ongoing hostilities between Israel and the Palestinians and other neighboring countries.
• Maintenance of intellectual property rights.

Future Outlook

The company aims to improve the quality of care for millions of patients and providers globally through its single-use, fully disposable endovascular robotic system and believes that robotic telesurgery will increase access to high quality healthcare for patients in remote locations.

Management Comments

• 'The systems small footprint and disposable design create a multitude of exciting possibilities for future telerobotic endovascular procedures,' commented Dr. Madder.
• 'Were excited that this groundbreaking research, led by Dr. Madder and the Corewell Health team, has been selected for presentation, which we believe reflects the importance of integrating telesurgery in the future of healthcare,' commented Harel Gadot, Chairman, CEO and President.
• 'Incorporating telesurgery capabilities is an important part of our long-term strategy for LIBERTY, and we are pleased to demonstrate its feasibility,' commented Harel Gadot, Chairman, CEO and President.

Industry Context

The announcement highlights the growing trend of incorporating robotic telesurgery into healthcare to improve access and quality of care, particularly for patients in remote locations. This aligns with the broader industry focus on leveraging technology to enhance medical procedures and expand healthcare reach.

Comparison to Industry Standards

• Companies like Intuitive Surgical (ISRG) have pioneered robotic surgery with the da Vinci system, primarily for minimally invasive procedures.
• Microbot Medical's LIBERTY system focuses on endovascular procedures, a niche market with potential for growth.
• The telesurgery aspect differentiates Microbot from companies that primarily focus on in-hospital robotic surgery.
• Other companies in the broader telemedicine and remote healthcare space include Teladoc Health (TDOC) and Amwell (AMWL), though they don't specialize in robotic surgery.

Stakeholder Impact

• Shareholders: Positive news regarding the development of the LIBERTY system.
• Patients: Potential for increased access to high-quality healthcare through robotic telesurgery.
• Healthcare professionals: New technology and procedures for endovascular interventions.

Next Steps

• Presentation of the research at the Cardiovascular Research Technologies (CRT) annual meeting from March 8-11, 2025.
• Publication of the research in the Journal of the American College of Cardiology (JACC) Interventions online edition.
• Continued development of the telesurgery feature of LIBERTY.
• Pursuit of 510(k) premarket submission with the U.S. Food and Drug Administration.

Key Dates