Microbot Medical Inc. has received a non-dilutive NIS 2.15 million ($630,000) grant from the Israel Innovation Authority (IIA) to further strengthen its manufacturing capabilities and position the company to commercialize the LIBERTY Endovascular Robotic System, pending U.S. Food and Drug Administration (FDA).

Besides recognizing Microbot Medical’s recent achievements, the IIA acknowledged several other factors in its final decision, including the target market’s size and characteristics, the competitive advantages of a single-use, disposable robot, the LIBERTY System’s regulatory status, and the overall benefits it is expected to deliver to the end user and healthcare system. The grant validates Microbot Medical’s technology and reflects the rigorous, independent due diligence conducted by the IIA, according to executives.

“This non-dilutive grant strengthens our balance sheet and allows us to further enhance our operational readiness plans as we await the FDA’s marketing clearance decision,” Microbot Medical Chief Financial Officer Rachel Vaknin said. “The IIA has been a valued partner supporting the development of the LIBERTY System with prior grants, and this latest award and timing is particularly significant as we believe it reflects high confidence in our ability to scale manufacturing and successfully meet our business objectives.”

The LIBERTY System is an investigational device pending FDA 510(k) clearance, and is currently not available for sale in the United States.

Microbot Medical Inc. is a pre-commercial stage medical technology company with a vision to redefine endovascular robotics and improve the quality of care for millions of patients and providers globally. The company has developed the world’s first single-use, fully disposable endovascular robotic system, which aims to eliminate traditional barriers to accessing advanced robotic systems.