Microbot Medical, the developer of the LIBERTY Robotic Surgical System, a single-use endovascular robotic system, today announced its Core Business Focus Program and cost restructuring plan, which will include job cuts.
In a filing with the SEC, the company outlined several cost-saving measures. Harel Gadot, chairman, president and CEO of the company, has agreed to a reduction of 50% of his base salary and all other executive officers have agreed to a reduction of 30-40% of base salary. The independent members of the board of directors have agreed to a suspension of their director fees, with reinstatement of such fees to be determined.
Microbot also plans to freeze new hires while reducing employee headcount in both its U.S. and Israel offices which are not directly involved in the research and development and/or regulatory process of LIBERTY, while retaining research and development and clinical-related employees to support the completion of the V&V and production of LIBERTY systems.
This includes the focus on completing the validation and verification process and completing the planned first- in- human (FIH) clinical cases with its LIBERTY Robotic Surgical System, both expected during the second half of 2023.