April 4, 2019

ReWalk announces $4.25M RDO

Courtesy
ReWalk's prototype for a system to help stroke patients walk.

ReWalk Robotics is hoping to raise $4.25 million from institutional investors by offering more than 816,000 shares in a registered direct offering.

The offering, expected to take place Monday, was announced Wednesday.

The Marlborough medical device company is also offering warrants to purchase up to 408,457 ordinary shares. Those warrants have a term of 5.5 years.

ReWalk did not detail in Wednesday's announcement what the funds would be used for.

The company submitted an application to the U.S. Food & Drug Administration for an exoskeleton robotic suit aimed to help stroke patients recover. CEO Larry Jasinski said last month the product could become available by the middle of 2019.

ReWalk offers a similar system for patients with spinal cord injuries, which is primarily available in the U.S. through the U.S. Department of Veterans Affairs. Insurance firm Cigna in February said it would begin covering that system.

The $4.25-million offering comes after the company on Friday completed a 1-for-25 reverse stock split.

In February, the company raised $4.37 million via a public offering.

In an interview with WBJ last month, Jasinski said the company is preparing for expansion with regulatory approvals in the U.S. and elsewhere rolling in and insurance companies indicating a willingness to cover the expensive systems.

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