ReWalk Robotics, a builder of wearable robotic exoskeletons for paraplegics, raised $36 million in its initial public offering. It will trade as “RWLK” on the Nasdaq.
The company priced its IPO shares at $12, below the $14 to $16 range that had been previously forecast.
ReWalk, formerly known as Argo Medical Technologies, has offices in Malborough, Mass., Germany, and Israel. ReWalk sells two products designed to help people who are paralyzed from the waist down regain mobility.
The first, ReWalk Personal, is a custom-fit exoskeleton to be worn at home and at work. ReWalk’s other product, ReWalk Rehabilitation, is marketed at clinics and hospitals for rehabilitation therapy.
The battery-powered suit is designed for people with full or partial paralysis in their legs, but who retain mobility in their torso and arms. The ReWalk exoskeleton can support itself, as well as the person wearing it. ReWalk’s signature is a “tilt sensor” technology: As the wearer tilts their body forward, sensors on the device translate that shift to a step.
The movements allowed by the suit include sitting, standing, walking and sometimes climbing stairs.
ReWalk products have been on sale in Europe since 2012. In June this year, the company received approval from the Food and Drug Administration for ReWalk Personal. It sold its first unit in the US July this year.