ReWalk appoints Fresenius, former Boston Scientific executive to its board
Photo | Courtesy of Lifeward
A person utilizes a Lifeward device
Marlborough manufacturer ReWalk Robotics is appointing medical device industry veteran Joseph Turk to its board of directors.
“Being able to improve people’s lives through commercializing novel technologies has been a driving force in my career,” said Turk in a press release Wednesday put out by the company. “Working with a mission-driven company with life-changing technologies such as ReWalk is a natural fit.”
Turk has worked in the Massachusetts healthcare industry for 20 years. He currently serves as executive vice president Fresenius Medical Care in Lexington, a position he has held for the last three years. Prior to that, he served 18 years at NxStage Medical in Lawrence, holding multiple roles, including president. Other previous roles include a director position at Marlborough medical device maker Boston Scientific and a senior role at the international consulting group McKinsey & Co.
Turk is the third member of the ReWalk nine-member board with ties to Boston Scientific. CEO Larry Jasinski worked there from 1985 to 2001, serving in multiple roles, and Director Randel Richner established the global reimbursement functions for Boston Scientific.
ReWalk, which was founded in 2011 and is doubly headquartered in Israel and Marlborough, develops and manufactures robotic exoskeletons for individuals with lower limb disabilities. Some of its main products include the ReWalk Personal 6.0 and the ReStore Exo-Suit. The Exo-Suit, a battery-powered exoskeleton, was designated as a breakthrough medical device by the U.S. Food and Drug Administration in November.
The company has been operating in the red, with a net loss of $12 million for the previous fiscal year, around the same amount it lost the previous year. Revenues however were up 27% last year compared to in 2020.
In announcing Turk to the board, ReWalk Chairperson Jeff Dykan said the company was looking to expand in further commercialization efforts for the company.
“We sought to increase direct commercialization skills and experience within our board,” he said within the same press release. “Joe has a successful track record of development and implementation, and we believe his experience is highly valuable to our goals in developing the company.
On Thursday afternoon, ReWalk’s stock was trading at about $1.14 per share on the Nasdaq.
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