ReWalk Robotics, Marlborough, Massachusetts, and Yokneam Ilit, Israel, announced that it has entered into a strategic investment agreement with Timwell Corporation, Hong Kong. ReWalk will receive $20 million in exchange for an aggregate of 16,000,000 of ReWalk ordinary shares, at a price per share of $1.25, to fund ReWalk’s development worldwide and to establish its presence in the Chinese market.
Under terms of the agreement, the companies plan to form a joint venture in China to develop, manufacture, and market ReWalk’s products in China. The joint venture will initially focus on development, production, and marketing of ReWalk’s Restore soft-suit exoskeleton for stroke patients in a rehabilitation setting, followed by commercialization of ReWalk’s spinal cord injury products for community and rehabilitation use.
ReWalk held a call and live webcast to discuss the announcement and review its fourth quarter and full year 2017 financial results on March 8. A telephone replay will be available for two weeks at 855.859.2056. The passcode for the replay is 2996487.