ReWalk Robotics (NSDQ:RWLK) announced today that it closed a private placement worth approximately $40 million.
Marlborough, Mass.-based Rewalk Robotics’ private placement included more than 10.9 million ordinary shares and warrants to purchase up to nearly 5.5 million ordinary shares at a purchase price of $3.6625 per share and associated warrant, according to a news release.
The $40 million in proceeds is an approximation of the total collected before the deduction of placement agent fees for H.C. Wainwright & Co., which acted as the sole placement agent, along with other expenses payable by the company.
Warrants included in the offering have a term of five and one-half years, are exercisable immediately and possess an exercise price of $3.60 per ordinary share.
ReWalk Robotics said it plans to use the proceeds for sales, marketing and reimbursement expenses related to market activities of its ReStore soft suit robotic exoskeleton and Personal 6.0 devices, as well as broadening third-party payor and CMS coverage for the ReWalk Personal device and commercializing its new product lines added through distribution agreements.
Additionally, further funds are earmarked for R&D for ReWalk’s lightweight exo-suit technology for potential home personal health utilization for multiple indications and future designs for its spinal cord injury device. Other uses of the funds include routine product updates and general corporate purposes.