MARLBOROUGH, Mass. and YOKNEAM ILIT, Israel, Sept. 14, 2017 /PRNewswire/ -- ReWalk Robotics Ltd. ("ReWalk" or the "Company") (Nasdaq: RWLK), today announced that one of the leading German insurers, Barmer, has signed a confirmation regarding the provision of ReWalk systems for all qualifying beneficiaries. This confirms the procurement of exoskeletons for users that meet the inclusion criteria and reach successful assessment by the German Medical Service of the Health Insurers (MDK) before and after training
"The continued expansion of data, the growing number of successful ReWalk users worldwide and the positive decision from the German Social Court have led Barmer to determine that exoskeletons are a standard of care for use in everyday life," said ReWalk CEO Larry Jasinski. "The progressive approach of a prominent Statutory Health Insurance group, such as Barmer, and an increase of purchases and expanded training efforts with the Workman's compensation BG (Berufsgenossenschaft) in Germany, marks meaningful progress to improve the quality of life for those with spinal cord injury."
Barmer has already begun processing claims with three beneficiaries entering training for in-home use of an exoskeleton. One of the most significant national insurers in Germany, and a member of the German Statutory Health Insurance network, Barmer provides insurance coverage for nearly 10 million people.
Separately, the Company announced that ReWalk continues to engage with U.S. national and regional insurance providers to secure potential coverage policies based on a growing wealth of data and a number of appeal rulings that have deemed exoskeleton devices a "medically necessary" standard of care for individuals with spinal cord injury (SCI). As part of this ongoing initiative, a large national insurance provider has requested additional information in order to continue to evaluate a change from their current non-coverage policy. The Company is also submitting data to two additional U.S. commercial groups for policy reviews.
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.
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, 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 the Company'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.
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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
