Yokne'am-based ReWalk Robotics Ltd. has filed for an IPO on Nasdaq to raise $58 million at a company value of $250-300 million after money. The company recently changed its name from Argo Medical Technologies to its flagship product, which is a wearable robotic exoskeleton that provides powered hip and knee motion to enable individuals with Spinal Cord Injury (SCI) to stand upright and walk.
The product was developed by Dr. Amit Goffer, 61, the company Founder and President and VP CTO who had previously founded Odin, which was sold to Medtronic for $9 million. Before he had founded Odin back in 1997, Dr. Goffer was involved in an accident that left him paralyzed. Ways of getting out of his wheelchair led him to set up Argo.
Goffer today has a 3.7% stake in ReWalk and following the IPO, he will receive additional shares increasing his holding to 6%.
ReWalk recently received US Food and Drug Administration (FDA) approval for its ReWalk device for home use, which generated major media attention, and has also stirred up interest among investors.
To date the company has marketed the product in hospitals earning $1.6 million revenue in 2013 and a loss of $12.2 million. The device costs $60-70,000.
Published by Globes [online], Israel business news - www.globes-online.com - on July 13, 2014
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