Rehabilitative robotics company Ekso Bionics announced today that it has completed a public offering which will provide $20.6 million in a ‘reverse merger’. Funds raised will go primarily to expanding sales, while paying off $2.5 million in venture debt and continuing research and development.
The latest announcement comes only weeks after Ekso Bionics debuted a new generation of robotic exoskeletons. The Ekso GT is an exoskeleton which enables individuals with lower extremeity paralysis or weakness to stand and walk. The GT also improves the clinician’s experience, making it easier to provide a range of rehabilitative services.
“This is our fourth product in the evolution of Ekso technology in less than two years, demonstrating not only how quickly the technology is advancing, but how rapidly the clinical community is adopting it into their rehab programs,” said Ekso Bionics chief executive officer, Nathan Harding. “We’re witnessing an exciting new approach to neurorehabilitation.”
The first Ekso GT was delivered to top ranking rehabilitation hospital, the Rehabilitation Institute of Chicago (RIC). This is their second Ekso and is being used to study post-stroke gait training and rehabilitation under an NIDRR grant.
“The results we’ve seen using the previous Ekso among our stroke and spinal cord injured patients have demonstrated we have every reason to embrace and explore this technology further,” said RIC’s vice president, research, W.Zev Rymer, MD PhD. RIC and Ekso Bionics will collaborate and share data under a recently signed research agreement.
“Ekso Bionics was founded to design and develop the world’s most innovative solutions for augmenting human capabilities. in 2012 we delivered our first robotic exoskeleton to the rehabilitation community, achieving the remarkable ability to help people living with spinal cord injuries to stand and walk again,” said Nathan Harding. “This financing, led with investments from Opaleye L.P. and Montrose Capital Partners, represents an exciting milestone in our Company’s history by providing the capital to expand our technology even further and drive adoption in the neuro-rehabilitation market.”
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