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StemCells and Microbot Medical Announce Merger BY ANDREW VAHRADIAN, SEPTEMBER 14, 2016

StemCells, Inc. and Microbot Medical Ltd. entered into a definitive merger agreement, in order to pursue the development of robotics based medical devices for the treatment of cerebrospinal fluid and gastrointestinal disorders, as well as other conditions.

StemCells is in the clinical development of its proprietary HuCNS-SC product, a purified human neural stem cells platform technology intended to treat the degregation of the three components of the human central nervous system (CNS), the brain, spinal cord and eye. The company also markets stem cell research products, including media and reagents, under its SC Proven brand. StemCells went public on the NASDAQ on March 25, 1992, and is based in Newark, CA.

Microbot Medical develops micro-robotics assisted medical technologies. The company's product portfolio consists of its ViRob device, an autonomous crawling micro-robot that is controlled by electromagnetic fields, TipCAT, a semi-disposable, self-propelled endoscope, Self-Cleaning Shunt, a robotic system that intends to prevent occlusions in the proximal cerebrospinal fluid shunt system, and TipCAT colonoscope, a self-propelled semi-disposable colonoscope. The company is based in Yokneam, Israel, and was co-founded in 2010 by Moshe Shoham, a co-founder of Mazor Robotics.

The merger provides Microbot access and greater exposure to the U.S. capital markets and concludes StemCells' extensive search for strategic alternatives since the company was unable to demonstrate robust clinical data in its Phase II clinical trial of its human neural stem cells platform in the treatment of chronic spinal cord injury.

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