Microbot Medical shares pop on clinching of new European patent

Shares of Microbot Medical Inc (NASDAQ:MBOT) almost doubled in Monday’s pre-market session after the micro-robotic medical technology company clinched a European patent for its ViRob technology platform.

The European Patent Office has granted a patent which covers Microbot’s autonomous crawling micro-robot which can be controlled remotely or within the body.

READ: Microbot Medical shares rise 10% on patent news

The new approval by European regulators means the Hingham, Massachusetts-based company now has 30 issued patents and 18 patent applications pending.

“The allowance of this European patent application further strengthens our global intellectual property estate covering our micro-robotic technology platform,” said CEO Harel Gadot.

Investors applauded the news, sending Microbot shares up 69.6% to $4.07 before the opening bell on Monday.

Microbot, which was set up in 2010 and kicked off operations in 2011, went public on Nasdaq in November 2016. The company specializes in micro-robotic medical technologies, leveraging the natural and artificial lumens within the body. 

The miniature dimensions of Microbot’s ViRob technology allow it to navigate and crawl in different spaces within the body, including blood vessels, the digestive tract and the respiratory system. It has the ability to move in tight spaces and curved passages as well as the ability to remain within the body for a prolonged period of time.

Contact Ellen Kelleher at [email protected]

Story by ProactiveInvestors