-- Additional Lines Expand Company’s Portfolio and Include Telehealth Capable Stroke
Rehabilitation Devices as well as Clinic and Home Use Devices for Persons with Spinal Cord Injury --
MARLBOROUGH, Mass., June 04, 2020 (GLOBE NEWSWIRE) -- 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.
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.
Chief Financial Officer
ReWalk Robotics Ltd.
Source: ReWalk Robotics Ltd.