ReWalk to raise $33M for R&D, marketing
Photo | Grant Welker
ReWalk's Marlborough headquarters
Marlborough medical device manufacturer ReWalk Robotics Ltd. announced a $32.5-million direct offering on Monday, slated to close on Wednesday.
ReWalk, which makes systems to help people with spinal cord injuries walk with assistance, plans to use the proceeds from the offering to support sales, marketing and reimbursement expenses related to market development activities, research and development, routine product updates, and general corporate purposes.
At the end of June, ReWalk had $65 million in cash on hand available for its operations, according to its quarterly filing with the U.S. Securities & Exchange Commission.
The company entered into an agreement with several investors providing for the issuance of 16,013,518 of the company’s ordinary shares at a purchase price of $2.035. ReWalk also agreed to issue the investors unregistered warrants to purchase up to 8,006,759 aggregate ordinary shares in a concurrent private placement, per the announcement.
The warrants will have a term of five and one half years.
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