ReWalk Robotics, a manufacturer of wearable robotic exoskeletons, has secured US$8m (£6m) in private placement funding to help advance its work with people suffering lower limb disabilities as a result of spinal cord injury or a stroke.
The company announced private placement of over 5.5 million ordinary shares and warrants to purchase over four million ordinary shares. The purchase price was US$1.43375 (£1.07) per share and associated warrant.
This resulted in gross proceeds of approximately US$$8m (£6m) before the deduction of placement agent fees and expenses.
Rewalk said it intends to use the net proceeds from the shares for research and development activities of its Personal 6.0 device, a battery-powered exoskeleton with motors at the hip and knee joints to enable movement control using subtle gravity changes.
The company added that it also aims to use the funds to commercialise new product lines added through distribution agreements.
Rewalk said it hopes to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of robotic technologies.
