July 19, 2018

ReWalk, Harvard add a year to research agreement

Courtesy
ReWalk's prototype for a system to help stroke patients walk.

Marlborough medical device manufacturer ReWalk Robotic's research agreement with Harvard University's Wyss Institute has been extended one year to 2022.

The amendment pushes out the previously announced agreement to allow for additional research programs and to pace the research more efficiently, the robotic exoskeleton system manufacturer said.

ReWalk's total investment will be spread out over an extra year and should take some of the burden off the company's cashflow.

The agreement centers around the company's soft-suit exoskeleton for stroke victims. It's similar to the company's suit for spinal cord injury patients. It transmits power to key joints of the legs with cable technologies and fabric-based designs.

The company has been working with the Wyss Institute for about two years.

Financial terms of the agreement were not disclosed.

The company said a $20-million agreement with China-based Timwell Corp. will provide additional funding for further research and development. The $20 million is to be released in three payments. The second payment -- $10 million -- is expected to close soon as ReWalk firms up license and supply agreements.

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ReWalk Robotics stock dives 30 percent after investment delays, missed earnings

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