ReWalk Robotics Finalizes U.S. Distribution Agreements for Two Additional Neuro Rehabilitation Product Lines
June 04 2020 - 7:30AM
ReWalk Robotics, Ltd. (Nasdaq: RWLK) ("ReWalk," “we” or the
"Company"), a manufacturer of robotic medical devices for
individuals with lower limb disabilities, has finalized and moved
to implement two separate agreements to distribute additional
product lines in the United States market. Upon commencement of the
effective periods of these agreements, the Company will be the
exclusive distributor of the MediTouch Tutor movement biofeedback
systems in the United States, and will also have distribution
rights for the MYOLYN MyoCycle Functional Electrical Stimulation
(“FES”) cycles to U.S. rehabilitation clinics and personal sales
through the U.S. Department of Veterans Affairs (“VA”) hospitals.
“The addition of these products, which will be sold through our
existing direct field sales and training teams, provides value to
us in multiple ways,” says Andy Dolan, Vice President of Marketing
at ReWalk. “These impressive technologies serve similar clinician
and patient profiles as our current products which presents an
opportunity to increase same-site sales, and offering a broader
portfolio of solutions also potentially expands our access to new
customers. The MediTouch Tutor devices will also give us an entry
into the telehealth capable products category to leverage recent
COVID-19 related reimbursement changes and trends in rehabilitative
care.”
The MediTouch Tutor movement biofeedback product line includes
the Arm, Hand, 3D and Leg Tutor devices. These devices are used by
physical and occupational therapists to evaluate functional tasks
during rehabilitation of neurologic disorders, and can also be used
by patients remotely at home. The system consists of sensors
attached to textiles worn on the patient’s hand, arm or leg to
detect motion and a web-based program which uses game play to
provide instruction and motivation to the patient user. The program
also captures and evaluates patient progress and provides feedback
to the clinician.
"Entering the US physical rehabilitation clinic and home
telehealth markets with our innovative wearable devices and
web-based MediTutor app in order to provide the best clinical care
and affordable cost effective treatment, while enabling social
distancing specifically during this pandemic is a key goal for
our company, and we believe that this partnership with ReWalk gives
us the customer access we need,” said Giora Ein-ZVi, CEO of
MediTouch.
The MYOLYN MyoCycles use FES to facilitate therapeutic exercise
for persons with muscle weakness or paralysis caused by disorders
like spinal cord injury, multiple sclerosis, and stroke. Similar to
the ReWalk exoskeleton, these devices can be used in a clinic for
rehabilitation or training for an individual to eventually use
their own at home. Both the MyoCycle Pro for clinic use and MyoCyle
Home for patient home use have Federal Supply Schedule (“FSS”)
contracts to facilitate sales to VA hospitals and patients with VA
benefits.
"We are thrilled to bring together ReWalk’s world-class sales
team and MYOLYN’s innovative FES technology. Sales of the MyoCycle
FES Cycling Therapy System are already growing rapidly and, with
this partnership, MYOLYN and ReWalk are poised to accelerate that
growth to bring the technology to even more people who need it. The
neuro-rehab industry is highly fragmented so this partnership
creates a substantial competitive advantage and builds long-term
value by uniting complementary products serving the same market,”
said Alan Hamlett, PhD, Co-Founder and CEO of MYOLYN, LLC.
The Company previously discussed these agreements on its Q1
earnings call and is providing more detail at this time as it plans
to implement them. The companies are currently preparing to train
ReWalk’s field teams on these devices and expect to launch
commercial activities in July 2020.
About ReWalk Robotics
Ltd.
ReWalk Robotics Ltd. (Nasdaq: RWLK)
develops, manufactures and markets wearable robotic exoskeletons
for individuals with lower limb disabilities as a result of spinal
cord injury or stroke. ReWalk's mission is to fundamentally change
the quality of life for individuals with lower limb disability
through the creation and development of market leading robotic
technologies. Founded in 2001, ReWalk has headquarters in the
United States, Israel and Germany. For more
information on the ReWalk systems, please
visit www.rewalk.com. ReWalk® is a registered trademark of
ReWalk Robotics Ltd. in Israel and the United
States. ReStore® is a registered trademark of ReWalk Robotics
Ltd. in Europe and an allowed trademark in the
United States.
Forward-Looking Statements In addition to
historical information, this press release contains forward-looking
statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995, Section 27A of
the U.S. Securities Act of 1933, and Section 21E of
the U.S. Securities Exchange Act of 1934. Such
forward-looking statements may include projections regarding
ReWalk's future performance and other statements that are not
statements of historical fact and, in some cases, may be identified
by words like "anticipate," "assume," "believe," "continue,"
"could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "future," "will," "should,"
"would," "seek" and similar terms or phrases. The forward-looking
statements contained in this press release are based on
management's current expectations, which are subject to
uncertainty, risks and changes in circumstances that are difficult
to predict and many of which are outside of ReWalk's control.
Important factors that could cause ReWalk's actual results to
differ materially from those indicated in the forward-looking
statements include, among others: ReWalk's management's conclusion,
and its independent registered public accounting firm's statement
in its opinion relating to its consolidated financial statements
for the fiscal year ended December 31, 2019, that there is a
substantial doubt as to the Company's ability to continue as a
going concern; the current COVID-19 pandemic has adversely affected
and may continue to affect adversely business and results of
operations; ReWalk's ability to achieve reimbursement from
third-party payors for its products, including its ability to
establish coverage policies from programs such as Medicare, state
Medicaid and private insurance; ReWalk's ability to have sufficient
funds to meet certain future capital requirements, which could
impair the Company's efforts to develop and commercialize existing
and new products; ReWalk's ability to maintain compliance with the
continued listing requirements of the Nasdaq Capital Market and the
risk that its ordinary shares will be delisted if it cannot do so;
ReWalk's ability to establish a pathway to commercialize its
products in China; ReWalk's ability to maintain and grow its
reputation and the market acceptance of its products; ReWalk's
limited operating history and its ability to leverage its sales,
marketing and training infrastructure; ReWalk's expectations as to
its clinical research program and clinical results; ReWalk's
expectations regarding future growth, including its ability to
increase sales in its existing geographic markets and expand to new
markets; ReWalk's ability to obtain certain components of its
products from third-party suppliers and its continued access to its
product manufacturers; ReWalk's ability to repay its secured
indebtedness; ReWalk's ability to improve its products and develop
new products; the outcome of ongoing shareholder class action
litigation relating to its initial public offering; ReWalk's
compliance with medical device reporting regulations to report
adverse events involving the Company's products, which could result
in voluntary corrective actions or enforcement actions such as
mandatory recalls, and the potential impact of such adverse events
on ReWalk's ability to market and sell its products; ReWalk's
ability to gain and maintain regulatory approvals; ReWalk's
expectations as to the results of, and
the FDA’s potential regulatory developments with respect
to its mandatory 522 postmarket surveillance study; ReWalk's
ability to maintain adequate protection of its intellectual
property and to avoid violation of the intellectual property rights
of others; the risk of a cybersecurity attack or breach of the
Company's IT systems significantly disrupting its business
operations; the impact of substantial sales of the Company's shares
by certain shareholders on the market price of the Company's
ordinary shares; ReWalk's ability to use effectively the proceeds
of its offerings of securities; the risk of substantial dilution
resulting from the periodic issuances of ReWalk's ordinary shares;
the impact of the market price of the Company's ordinary shares on
the determination of whether it is a passive foreign investment
company; and other factors discussed under the heading "Risk
Factors" in ReWalk's annual report on Form 10-K for the year
ended December 31, 2019 filed with the Securities
and Exchange Commission (the “SEC”) and other documents
subsequently filed with or furnished to the SEC. Any
forward-looking statement made in this press release speaks only as
of the date hereof. Factors or events that could cause ReWalk's
actual results to differ from the statements contained herein may
emerge from time to time, and it is not possible for ReWalk to
predict all of them. Except as required by law, ReWalk undertakes
no obligation to publicly update any forward-looking statements,
whether as a result of new information, future developments or
otherwise.
Investor Contact:Ori Gon Chief Financial
Officer ReWalk Robotics Ltd. T: +972-4-9590123
E: investorrelations@rewalk.com
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