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ReWalk Robotics Ltd. last week announced that it has closed a public offering whose gross proceeds reached $7 million. The company designs, develops, and commercializes wearable systems to help people with lower-limb disabilities.
ReWalk’s exoskeleton enables users to independently sit, stand, walk, turn, and climb and descend stairs. In 2014, the ReWalk system was the first of its kind to receive clearance from the U.S. Food and Drug Administration. It also has CE and additional approvals for other regions.
The company’s ReStore is a powered, wearable, soft exosuit for stroke rehabilitation that facilitates gait training. It received CE marking and FDA clearance last year. ReWalk is based in Yokneam, Israel, and has offices in Berlin and Marlborough, Mass.
ReWalk raises funds for R&D
The robotic walking assistance supplier had raised $5 million in June 2019. ReWalk offered more than 4 million units of stock to the public at $1.25 per unit, along with more than 1.5 million pre-funded units at $1.249 per unit, stated the company. H.C. Wainwright acted as the exclusive placement agent in the offering.
Each unit contains one ordinary share and one common warrant to purchase an ordinary share, while each pre-funded unit includes one pre-funded warrant to purchase an ordinary share at an exercise price of $0.001 per share, as well as a common warrant to purchase one ordinary share.
The company said it will use the funds raised in the offering for sales, marketing, and reimbursement expenses related to market development activities for ReStore, along with third-party payor coverage for the ReWalk personal device.
ReWalk also plans to use the funding for further research and development of its exosuit technology for various lower-limb disabilities and the continued development of its spinal cord injury device, as well as other general corporate purposes.
Global exoskeleton revenues will reach $5.8 billion by 2028, predicted ABI Research last summer.
Editor’s notes: For more coverage of the medical device industry, visit WTWH Media sibling site MassDevice.com. See also the August 2019 issue of The Robot Report on exoskeletons.