News

Shareholders approved a plan to dissolve the robot developer, at one time a well-financed contender to challenge surgical robotics leader Intuitive, and liquidate its assets.

The robot developer’s board set a July 21 date for shareholders to vote on a proposal to wind down operations amid expectations for continued operating losses.

Romano, who is joining from rival robotic surgery company Vicarious Surgical, will step into a position that has been held by a series of executives over the past year.

The robotics company, which has taken steps to preserve cash amid the latest change of course in the development of its surgical system, got approval to move its shares to the over-the-counter market.

The initiative is part of a restructuring to preserve cash while the company completes the design of the robotic surgery system it plans to commercialize.

Vicarious Surgical Inc (RBOT) reports significant cost reductions and strategic moves to enhance capital efficiency, despite facing financial hurdles and potential timeline disruptions.

Vicarious will no longer initiate first-in-human trials of its surgical robot in 2025, stating it needs more time to ensure its system is “design ready”.

Days into the job, CEO Stephen From said the company no longer expects to begin a clinical trial for its robotic system by the end of the year.