ReWalk Completes Amendment with Wyss Institute at Harvard University to Extend Agreement to June 2022
19 July 2018 - 9:00PM
ReWalk Robotics, Ltd. (Nasdaq:RWLK) ("ReWalk" or the "Company")
announced today that the Company has completed an amendment to the
working agreement with the Wyss Institute at Harvard University
(Wyss). The key modification was an extension of the existing and
previously disclosed agreement by one year, effective July 1, 2018,
until June 2022 versus a completion date of June 2021. This
extension allows ReWalk to complete additional research programs
with Wyss as well as to pace the efforts more efficiently. The
total investment by ReWalk remains unchanged and will be spread out
over an extra year, which is expected to benefit the Company’s cash
flow.
The amendment is available in the Company’s Current Report on
Form 8-K filed on June 29, 2018. The U.S. Securities and Exchange
Commission (“SEC”) granted confidential treatment to the Company on
July 13, 2018 for certain confidential terms in the amendment to
protect commercially competitive information deemed not material to
investors. The granting of the confidential treatment order was
ordinary course and not connected to undisclosed material
matters.
The Company also separately noted that the Timwell/RealCan
agreement will provide additional cash to support R&D programs
as well as fund current operations. The Company is taking steps to
form a joint venture and finalize definitive license and supply
agreements in order to close the second tranche. About ReWalk
Robotics Ltd. ReWalk Robotics Ltd. develops, manufactures and
markets wearable robotic exoskeletons for individuals with lower
limb disabilities as a result of spinal cord injury or stroke. The
Company’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.
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,
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, and to expand to new markets and
achieve its planned expense reductions; the conclusion of ReWalk’s
management and the previous opinion of ReWalk’s auditors in 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 offerings of securities; 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; the
risk of substantial dilution resulting from the issuance to
Timwell; the significant voting power and de facto voting control
Timwell may acquire; the risk that the remaining Timwell issuances
will fail to close and the China joint venture will not form; and
other factors discussed under the heading “Risk Factors” in
ReWalk’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2017 filed with the U.S. 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: Lisa M. Wilson President In-Site
Communications, Inc. T: 212-452-2793
E: lwilson@insitecony.com
Media Contact: Jennifer Wlach
T: 202-261-4000 E: media@rewalk.com
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