Microbot Medical Inc. is looking to raise $5.9 million from the sale of 590,000 common shares at $10 apiece to several institutional investors.

The offering is meant to help the Hingham, Mass.-based healthcare equipment company advance its self-cleaning shunt, a small mechanical device that drains excessive fluids in the brain and reduces swelling and cerebral pressure associated with certain medical conditions.

The offering is expected to close by Jan. 17 with H.C. Wainwright & Co. serving as the exclusive placement agent.