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Microbot Medical shares rise 10% on patent news

Shares rose almost 10% in pre-market in New York after the news
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The patent covers systems and methods for reducing venous stenosis associated with the use of hemodialysis shunts

Microbot Medical Inc (NASDAQ:MBOT), the medical robotic device specialist, saw shares add 10% in early deals on patent news.

It has been granted  a patent number for a device for the prevention of shunt stenosis - a narrowing of veins and arteries from the use of shunts.

The patent covers systems and methods for reducing venous stenosis associated with the use of hemodialysis shunts.

A clearing device is inserted, which could be a autonomous crawling device, such as Microbot's TipCat device, which is based on a series of sequentially inflatable chambers.

This new patent provides an additional layer of protection to Microbot's innovative TipCat and ViRob platforms, extending beyond their current IP protected applications, the firm said.

"Expanding and protecting our innovative technology platforms is one of the main focus areas of the company, especially as we expect significant milestones in the coming months for our initial Self Cleaning Shunt product,” said Harel Gadot, chief executive  and president of the group.

"Our innovative technology platforms, which we believe are well ahead of the micro robotic curve, position the company to address multi-billion market opportunities."

Last week, the firm announced the closing of a $10mln share offering.

"The addition of the proceeds from our recently completed equity offering gives us the resources to execute upon these opportunities and strengthen our unique core capabilities to implement other market-penetrating growth prospects."

Shares raced up 9.95% in pre-market deals in New York to $2.32 each.

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