NEW YORK, NY / ACCESSWIRE / September 18, 2017 / Shares of both Synthetic Biologics and Microbot Medical soared this past Friday after the companies had exciting news to share with investors. Synthetic announced the closing of $12 million convertible preferred stock financing while Microbot announced that India has granted the company a patent that covers the company’s TipCat technology platform.
RDI Initiates Coverage on:
Synthetic Biologics, Inc.
Microbot Medical Inc.
Synthetic Biologics, Inc.'s shares closed up 7.69% this past Friday with around 4.6 million shares traded. It was last week that the late-stage clinical company announced the closing of a privately placed stock purchase transaction for the sale of redeemable convertible preferred stock to an affiliate of MSD Partners, L.P. for aggregate gross proceeds of $12 million. CEO Jeff Riley stated, "We would like to thank MSD Partners, L.P. for their continued support of Synthetic Biologics and our pipeline of novel microbiome-focused clinical programs. With proceeds from this transaction, we intend to further advance SYN-004's (ribaxamase) late-stage clinical development and advancement towards commercialization. Our goal remains to create long-term value for all our stakeholders, including the millions of patients who stand to benefit from our innovative approach to protecting the gut microbiome from the adverse effects of antibiotic use." The company develops therapeutics that preserve the microbiome to protect and restore the health of patients.
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Microbot Medical Inc.'s shares exploded this past Friday and closed the day up 15.24%. Trading Volume was also nearly ten times higher than usual. It was an exciting day for the medical device company after it released news announcing that Intellectual Property India granted patent No. 286765, covering the Company's TipCAT™ technology platform. CEO Harel Gadot commented, "We continue to strengthen and expand our IP portfolio. As a pioneer in micro-robotic surgery, this will allow us to add value to our assets as it is expected to enhance our ability to access global markets and create additional competitive advantages and barriers to entry. India is a large and emerging market and we believe having a strong IP presence in this market further builds shareholder value. In addition to India, the TipCAT™ technology platform patent has already been granted in the largest markets such as the U.S., China, Europe and several other markets, which we believe continues to show the strength of our IP assets. With this specific IP, our objective is to leverage the TipCAT platform to develop multiple products that address serious unmet needs in multiple medical applications."Microbot, which specializes in the design and development of transformational micro-robotic medical technologies, currently has 23 patents covering its ViRob™ and TipCAT™ which are already issued and an additional 13 patent applications are pending worldwide.
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