Microbot Medical's Self-Cleaning Shunt awarded grant by European Commission
Microbot Medical announced the European Commission recognized the company's innovative Self-Cleaning Shunt product and awarded the company a non-dilutive grant to continue developing the SCS. The Commission's decision, in part, is based upon substantial demand for the SCS with the potential to create new market opportunities. The current approved EUR50,000 grant which the company can submit an additional request in six months for a higher grant up to EUR2M, will be used for the continued development of the company's Self Cleaning Shunt product. The company believes that it will reach its anticipated development milestones for its SCS, including its submission with the US Food and Drug Administration in late 2018 or early 2019.