Marlborough's ReWalk files for IPO
Photo/ReWalk
Just weeks after winning federal approval for its home electronic exoskeleton, ReWalk Robotics of Marlborough has filed for an initial public offering of stock with the U.S. Securities and Exchange Commission (SEC).
Although the number of shares and an initial price have not been set yet, the company estimates it can take in as much as $57.5 million from the IPO, according to ReWalk’s filing with the SEC.
According to the filing, ReWalk intends to use the money for general purposes, including sales and marketing expenditures aimed at growth, as well as research and development expenditures focused on product development.
ReWalk also said the added capital could aid other development, including adapting the exoskeleton for other uses, as well as development of a next generation of ReWalk product. It also said that the proceeds may be used for acquisitions and investments in complementary companies, although there are no deals pending at the time of filing.
Last month, ReWalk said the U.S. Food and Drug Administration cleared the exoskeleton for people with spinal cord injuries. The product provides powered hip and knee motion the company says will enable individuals to stand upright and walk.
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