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Microbot Medical to raise $3M in direct offering

Microbot Medical Inc. is selling 455,323 shares to an institutional investor for $6.50 each, for anticipated gross proceeds of nearly $3 million.

Hingham, Mass.-based Microbot, a medical device company, expects to close the direct offering on or about Jan. 16, subject to closing conditions.

Proceeds from the transaction will be used for the development of the company's Self Cleaning Shunt device for treating hydrocephalus and normal pressure hydrocephalus, among others.

H.C. Wainwright & Co. serves as the exclusive placement agent for the offering.