REX Bionics develops the REX robotic exercise-assist device that helps people with mobility problems from spinal cord injuries, multiple sclerosis, brain injuries and neuromuscular conditions. The device has been in development for over a decade and has accumulated thousands of hours of user experience. The latest version targets the rehabilitation market and units are on trial in Australia, New Zealand, the UK and the USA. The company plans to keep the current version available to the rehabilitation market for at least five years while it continues to build clinical data and user experience. Additional capital will fund a development program with a leading global automotive firm to enhance user monitoring, switch to new materials and reconfigure engineering for reduced weight and a faster, quieter device. Completed clinical trials and early robotic-assisted physiotherapy use have shown measurable health benefits, such as improved sleep, maintained joint range, reduced spasm and pain, and reduced prescription drug use. Rex Bionics develops robotic technology intended to help people with severe neurological damage; recent data cited by the company indicate its Rex product is safe and effective. The board completed a strategic review of commercialisation progress and capital availability and concluded that first commercial revenues took longer than expected, though the market opportunity remains significant. To sustain commercial momentum the company is undergoing a strategic repositioning while reviewing further funding options. Management is taking evidence from the RAPPER II study to potential customers and partners. The company has announced a new collaboration with Amana Healthcare to increase international coverage and to provide a base for expansion in the Gulf. The fundraising is intended to support these commercial and strategic activities. REX Bionics PLC, based in Auckland, New Zealand, develops the REX robotic exoskeleton. The company is advancing its REX 3 program and has secured government support for its development. Callaghan Innovation, a New Zealand government body that promotes innovation, awarded REX Bionics a grant. REX Bionics anticipates Callaghan Innovation’s total contribution toward the REX 3 program during the three-year funding period could be more than NZ$1.5 million. The article notes that NZ$1.5 million is roughly US$1.27 million as of August 11.

Total raised

$4M

Funding rounds

3

Latest round

Equity

Latest activity

Jun 2016