ReWalk Robotics, formerly Argo Medical Technologies, is preparing an initial public offering worth up to $57.5 million, according to regulatory filings.
The company, which just last month won FDA approval for the 1st robotic exo-suit for helping patients with lower-body paralysis walk upright, has yet to release full pricing for the IPO or detail how many shares it plans to offer. The company plans to trade on the Nasdaq exchange under the symbol RWLK.
ReWalk’s namesake robotic exoskeleton helps people with paraplegia restore self-initiated walking. The company has a rehabilitation model for use in clinics and the newly approved personal model indicated for all-day use. The personal system is battery-powered and features an array of sensors and motors that detect the wearer’s movement and assist in standing up, sitting down, and upright walking.
"Published clinical studies demonstrate ReWalk’s ability to deliver a natural gait and functional walking speed, which has not been shown in studies for any competing exoskeleton," ReWalk said in its prospectus filing. "In addition, our interim analysis of an ongoing clinical study and our experience working with health care practitioners and ReWalk users suggests that ReWalk has the potential to provide secondary health benefits. These benefits include reducing pain and spasticity and improving bowel and urinary tract function, body and bone composition, metabolism and physical fitness, as well as reducing hospitalizations and dependence on medications. Because of these secondary medical benefits, we believe that ReWalk has the ability to reduce the lifetime healthcare costs of individuals with spinal cord injuries, making it economically attractive for individuals and third-party payors."
ReWalk plans to use the proceeds from its IPO to pay for general corporate activities, including sales and marketing for the device as it is now and for expanded efforts as the company pursues new indications and develops new models of the technology. The company also indicated that it may be looking to acquire or invest in complementary technologies.
ReWalk was founded by Dr. Amit Goffer, who is quadriplegic. Founded in Israel, Argo has gained international attention and extensive media coverage thanks to the ReWalk system, and the company now has headquarters in the U.S. and Germany as well.