ReWalk raising $7.2M to develop lightweight suit
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ReWalk's prototype for a system to help stroke patients walk.
Israeli medical device manufacturer ReWalk Robotics, with its U.S. offices in Marlborough, announced on Friday plans to raise $7.2 million in part to fund development of its new lightweight exoskeleton.
On Tuesday, Rewalk will offer 6.86 million of its shares to the public, priced at $1.05 per share.
The company will use the money from the stock sale to pay for sales and marketing efforts to broaden its market share and reach with insurance companies, as well as covering the research and development costs of the soft suit exoskeleton.
The soft suit is an alternative to ReWalk's hard exoskeleton, which is designed to help people with spinal cord injuries walk. The soft suit is meant more for patients like stroke victims, who still have partial control over their motor movements but need the help of a stabilizing force like the exoskeleton.
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