MARLBOROUGH, Mass. and YOKNEAM ILIT, Israel, July 30, 2018 /PRNewswire/ -- ReWalk Robotics, Ltd. (Nasdaq: RWLK) ("ReWalk" or the "Company") announced today that Retired Marine Captain Derek Herrera, the first American to obtain a ReWalk Personal system after FDA clearance in 2014, has gained approval to receive a new exoskeleton system courtesy of the U.S. Department of Veterans Affairsprocurement program.
The VA's policy to provide exoskeletons to paralyzed Veterans was issued in 2015 and benefits Veterans with either service or non-service connected spinal cord injuries. A June 2018 revision to the policy expanded access to training locations across the VA spinal cord injury care network as well as to private rehabilitation centers through the VA's Veterans Choice Program.
Herrera, who sustained his injury while conducting a combat mission in Afghanistan in 2012, obtained a ReWalk Personal 5.0 system in 2014 through a donation from the Marine Raider Foundation. This year, he worked with his local VA hospital to pursue the necessary evaluations and procurement request to obtain the latest ReWalk device- the ReWalk Personal 6.0.
"My ReWalk system has afforded me the opportunity to participate in many important milestones in my life on my own two feet," said Herrera. "I walked at my retirement ceremony from the Marine Corps, and I walked out onto the stage at Stand Up for Heroes with my ReWalk. I am grateful to the VA for providing me a new device and ensuring access to any Veteran who would benefit from one."
Herrera retired from the Marine Corps and was awarded the Bronze Star in 2015. He is currently the President of the Marine Raider Foundation and the Founder and CTO of Spinal Singularity, a company that has developed a wireless bladder management system for urinary catheter users.
"Derek has been a phenomenal advocate for paralyzed Veterans, and we are thrilled he has gained approval to receive the latest generation ReWalk," said ReWalk CEO Larry Jasinski. "His continued usage is an example of how these devices become an important part of people's lives and management of their health. We anticipate that many ReWalkers will seek new devices every few years, as they do with wheelchairs and other equipment."
ReWalk Robotics has been working with the VA since the policy was issued in 2015 to help provide training and devices nationwide to facilitate its implementation. Herrera is expected to receive his new ReWalk system in the coming weeks.
For more information about the VA policy, or to learn about the ReWalk 6.0 system, please visit: www.rewalk.com.
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.
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SOURCE ReWalk Robotics Ltd.
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
