Israel’s ReWalk Plans IPO After ‘Ecoskeleton’ Success
The Israeli company ReWalk Robotics will sell public shares for the first time for a device that enables people with spinal cord injuries to stand and walk.
The company, which changed its name from Argo Medical Technologies to the name of its major product, announced this week that it will make an initial public offering on the NASDAQ next month.
The ReWalk device, a 44-pound exoskeleton that allows individuals with spinal cord injuries to walk, stand and sit with minimal exertion, was featured in 2010 on the popular television drama “Glee” while undergoing clinical trials in the United States.
The company recently received approval for the device from the U.S. Food and Drug Administration for home use. It is already in use in Europe.
The ReWalk, developed by Argo and released in September 2012, is the brainchild of Amit Goffer, an Israeli computer scientist and inventor who became paralyzed after a 1997 car accident. Although he cannot use the ReWalk himself because he lacks the use of his arms, he began designing the device with the help of a $50,000 grant from the Israeli government because he was frustrated at the lack of alternatives to a wheelchair.
The device functions through motors attached to the legs that can propel a disabled person at a slow walking speed. A tilt sensor, the same technology used on Segway electric transporters, can sense whether the user wants to move forward or back, stand or sit. Poles are used for added support.
A message from our Publisher & CEO Rachel Fishman Feddersen
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.
We’ve set a goal to raise $260,000 by December 31. That’s an ambitious goal, but one that will give us the resources we need to invest in the high quality news, opinion, analysis and cultural coverage that isn’t available anywhere else.
If you feel inspired to make an impact, now is the time to give something back. Join us as a member at your most generous level.
— Rachel Fishman Feddersen, Publisher and CEO
