The company behind a revolutionary $69,500 exoskeleton that lets paralyzed patients walk again is planning to go public.
ReWalk Robotics, based in Israel and Marlboro, disclosed plans to raise $57.5 million through an initial public offering.
The company develops and sells a robotic exoskeleton that has allowed paralyzed patients, including vets, to walk thanks to an onboard computer and motion sensors. In ReWalk's regulatory filing, the company said its future could depend on being able to successfully go public.
"Without additional capital, from this offering or otherwise, we may run out of cash in the second half of 2014," the filing said. The company also said in the filing it is unclear how the exoskeletons will be viewed by insurance companies.
Still, the market for the exoskeletons is relatively untested. In June, ReWalk was given FDA approval to sell its systems directly to patients to use in their homes, but has not started selling them yet. The exoskeletons are currently used in rehabilitation hospitals.
So far this year, IPOs from medical device companies have not fared well, a trend experts blame partly on a slow response by insurance companies.
"The recent results for medical device IPOs has been poor, perhaps related to the uncertainty of medical reimbursements," said Kathleen Smith of IPO investment firm Renaissance Capital.
"However, if ReWalk is seen as a unique robotics company, there may be more interest by IPO investors. "
A spokeswoman for ReWalk declined to comment, citing the SEC-mandated quiet period.
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