Soft Suit Exoskeleton Technology Begins Next Phase of Testing in Pre-Clinical Study
ReWalk Robotics & Harvard’s Wyss Institute Are Collaborating on Design for Soft Exosuit for Stroke Survivors
YOKNEAM ILIT, Israel and MARLBOROUGH, MA – October 16, 2017 – ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk”) today announced that the soft exosuit technology currently in development has entered the next phase of testing and verification in collaboration with researchers at Harvard University’s Wyss Institute for Biologically Inspired Engineering. This phase of testing includes evaluating the ReWalk exosuit system that is based on Wyss Institute exosuit technology with individuals who have had a stroke, in preparation for upcoming clinical trials to be run at clinical sites in 2018.
This technology is designed for use by stroke survivors with lower limb disability. Soft exoskeleton technology, also called a soft exosuit, is being designed to serve a number of patient populations, including individuals with Multiple Sclerosis, Parkinson’s Disease and other mobility challenges.
In 2016, ReWalk announced a collaboration with the Wyss Institute to support ongoing technology development and testing of lightweight exoskeleton system concepts and designs for lower limb disabilities and licensed intellectual property (IP) from Harvard University. The soft suit design transmits power to key joints of the legs with cable technologies and fabric-based designs; the soft suit is powered with software and mechanics that are similar to the technologies used in the ReWalk exoskeleton system for individuals with spinal cord injury (SCI).
“Utilization of the technology in an IRB approved research study, ahead of our clinical trials planned for next year, is a key milestone in the larger effort to pursue regulatory approval and eventually offer a commercial product to millions of patients who need ambulatory assistance,” said ReWalk CEO Larry Jasinski. “We continue to work in earnest on rigorous testing and design modification to develop the best technology for disabled individuals.”
For more about ReWalk, please visit: www.rewalk.com
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with spinal cord injury. Our 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 U.S., 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.
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, 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 expectations regarding future growth, including its ability to increase sales in its existing geographic markets, expand to new markets and achieve its planned expense reductions; the conclusion of ReWalk’s management for the financial statements for the second quarter of 2017 and for fiscal 2016, and the opinion of ReWalk’s auditors in their report on ReWalk’s financial statements for fiscal 2016, that there are substantial doubts as to ReWalk’s ability to continue as a going concern; ReWalk’s ability to maintain and grow its reputation and the market acceptance of its products; ReWalk’s ability to achieve reimbursement from third-party payors for its products; ReWalk’s expectations as to its clinical research program and clinical results; ReWalk’s expectations as to the results of, and the Food and Drug Administration’s potential regulatory developments with respect to, ReWalk’s mandatory post-market 522 surveillance study; the outcome of ongoing shareholder class action litigation relating to ReWalk’s initial public offering; ReWalk’s ability to repay its secured indebtedness; ReWalk’s ability to improve its products and develop new products; ReWalk’s ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; ReWalk’s ability to gain and maintain regulatory approvals; ReWalk’s ability to secure capital from its equity and debt financings in light of limitations under its Form S-3, the price range of its ordinary shares and conditions in the financial markets, and the risk that such financings may dilute ReWalk’s shareholders or restrict its business; ReWalk’s ability to use effectively the proceeds of its 2016 follow-on offering; ReWalk’s ability to maintain relationships with existing customers and develop relationships with new customers; the impact of the market price of ReWalk’s ordinary shares on the determination of whether ReWalk is a passive foreign investment company; ReWalk’s compliance with medical device reporting regulations to report adverse events involving its products and the potential impact of such adverse events on ReWalk’s ability to market and sell its products; and other factors discussed under the heading “Risk Factors” in ReWalk’s Annual Report on Form 10-K for the year ended December 31, 2016, as amended, filed with the U.S. Securities and Exchange Commission and other documents subsequently filed with or furnished to the U.S. Securities and Exchange Commission. 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.
Lisa M. Wilson
In-Site Communications, Inc.
Date: October 16, 2017