AVRA In The News

AVRA Medical Robotics pays off debt, continues developing fully autonomous surgical robot

AVRA Medical Robotics has stabilized its finances as it continues developing a fully autonomous surgical system and submitting it for regulatory approval.



AVRA Medical Robotics Inc. this week announced that it has paid off nearly all of its external corporate debt, including accrued interest.

The Orlando, Fla.–based company said it cleared its debt with the exception of loans from its CEO and a loan note for $25,000, which is due on Dec. 31, 2020. One note of $25,000 is being converted into shares at $1.50 per share, with the remainder being repaid in full with accrued interest, said AVRA.

“The repayment of all this company debt provides further stability to the company’s finances, allowing us to focus on our medical software procedure program and the development of our Autonomous Robotics Surgical System,” stated Barry Cohen, chairman and CEO of AVRA Medical Robotics. “The potential of our robotic systems is to perform operations with greater precision than human hands are capable of.”

The process of raising funds while developing medical robotics products and submitting them to the U.S. Food and Drug Administration can be challenging. For example, Titan Medical Inc. this week acknowledged that it needs to raise $85 million for its Sport robot-assisted surgery device.

UCF GRAD STUDENTS DEVELOPING ROBOT TO HELP WITH PRECISE SURGICAL PROCEDURES

oVio Technologies Partners With AVRA Medical Robotics to Automate Procedures

Disruptive Autonomous Surgical System Implements oVio’s Revolutionary Imaging Technology

NEWPORT BEACH, Calif.– July 24, 2019– oVio Technologies, Inc., a leader in the creation of biometric dimensional imagery technologies, recently partnered with AVRA Medical Robotics, Inc. (OTCQB: AVMR), a leading innovator of medical robotic solutions, to spur autonomous robotic development in the medical industry. AVRA will utilize oVio’s imaging technology to assist in the development of AVRA’s proprietary Instrument Guidance System (AIGS).

oVio’s 360-degree dimensional imaging technology brings precise navigation and accurate targeting to robotic medical and aesthetic procedures. AVRA will utilize oVio’s imaging technology to “robotize” a wide range of medical procedures that are currently being performed by human hands, such as: biopsies, tissue targeting, neurological repair, internal organ procedures and more.

“The aging population is rapidly increasing, while the number of medical specialists is on a serious decline – making the necessity of finding solutions to this specialist shortage vital,” said George Rebensdorf, CEO of oVio Technologies, Inc. “By partnering with AVRA, we aim to help its medical robotics team implement to create a fully autonomous surgical robot that can see and understand the nuances of the human body and help alleviate the need for many specialists.” >> More

     Gene Marcial , Contributor
     September 09 2017

Respected and acclaimed as rock stars in the arcane universe of life sciences, global scientists converged in Stockholm in late August this year for the annual Swedish American Life Science Summit (SALSS) meeting, where they unveiled and dissected revolutionary health care platforms. Among them are the use of robotics in surgery, how nanotechnology may make us “forever young,” applications of space technology in life sciences, and the “Moonshot” cancer program initiated by former Vice President Joseph Biden……….

FAST FORWARD

One of the little known companies that attracted a lot of attention at the conference was AVRA Medical Robotics, a development-stage company based in Orlando, Florida, that has a new generation of “semi-autonomous medical robots for image-capture, navigation, and tissue targeting.”

Specifically, these “medical robots” perform computer-assisted surgery, with human medical surgeons operating a remote surgical device via a console. In fact, they are not really robots as we know them: AVRA has developed a “novel and truly robotic single-arms platform for the field of aesthetics, skin and wound care as well as dermato-plastic surgery,” said Barry F. Cohen, AVRA’s CEO and founder. The company’s first design integrates software, image guidance, navigation and targeting systems, to allow autonomous needling of skin, he explained.

“The future of surgery will be determined by success in gaining precision access to anny area of the human body with the smallest incisions and deploying therapies to specific tissues, glands and organs,” asserted Alen York, an AVRA senior executive. Limitations in conventional surgeries, he said, are “demanding more autonomous, intelligent robot systems that go beyond the capability of a human being.” >>>MORE

Swedish American Group focuses on cancer, autoimmune diseases at Life Science Summit

AVRA Medical Robotics (OTC: AVMR) CEO Barry Cohen Acquires 1,000,000 Shares of Company Stock

12:19 PM ET 3/24/20 | GlobeNewswire

AVRA Medical Robotics (OTC: AVMR) CEO Barry Cohen Acquires 1,000,000 Shares of Company Stock

ORLANDO, Fla., March 24, 2020 (GLOBE NEWSWIRE) -- AVRA Medical Robotics, Inc. (the "Company") (OTC: AVMR), an artificial intelligence company building a fully autonomous medical robotic system combining artificial intelligence, machine learning and proprietary software, today announces that its Chairman & CEO, Barry Cohen, has increased his stake in the company by approximately 5% by purchasing an additional 1,000,000 common shares of AVRA stock. The shares will be restricted.

AVRA CEO Barry Cohen purchased his 1,000,000 shares by simultaneously exercising his option to purchase the shares at an exercise price of $0.10 per share, which put another $100,000 onto the Company's balance sheet, while further reducing the company's debt with a 'debt for equity swap' which canceled a $100,000 loan note he had granted to the Company.

This follows the Company's recent announcement that, with the exception of loans from the CEO and a loan note for $25,000 due December 31, 2020, the Company had cleared all of its outstanding external debt, with one note of $25,000 being converted into shares at $1.50 per share and the remainder being repaid in full with accrued interest. Mr. Cohen now owns 10,536,438 common shares.

Mr Cohen commented, "While the extreme effects of the spread of the Coronavirus continue to disrupt our society and economy, the fundamentals of our Company and the opportunity to use medical technology like ours to improve people's quality of life is more evident than ever. I believe the current stock price does not reflect AVRA's growth potential, which is why I continue to invest even more of my personal funds in the company."......>>>> More

AVRA continues development, regulatory approval process

The company said it is developing a fully autonomous system to “robotize” a wide range of surgical procedures. Most surgical robots today are designed to assist humans conducting the procedures.

AVRA has a research agreement with the University of Central Florida. Last fall, it appointed Dr. Vipu Patel and Dr. Eytan Pollak to chair its Medical Advisory Board and Scientific Advisory Board, respectively.

AVRA is currently working on a treatment-independent, precision-guidance system, with an initial focus on noninvasive skin-resurfacing aesthetic procedures.

Last fall, AVRA announced that it had begun the process of submitting its fully autonomous robot to the FDA for approval. At the time, AVRA said it had plans to pursue simultaneous approvals in the U.S., Canada, Europe, Australia, Japan and Brazil. The system already has CE Mark approval from European regulators, according to the company.

For more coverage of medical devices and surgical robotics, visit Robotics Business Review‘s sibling sites, MassDevice and The Robot Report.