ReWalk IPO gets $36 million; Corindus private placement gets $26.6
ReWalk, the Israeli developer of exoskeletons, joins Ekso and Cyberdyne as publicly-traded companies on international stock exchanges. Their IPO Friday sold 3 million shares at $12 per share. The stock then went on to double and close at $25.60!
ReWalk Robotics was hoping to raise $50 million by selling 3.4 million shares at $15 but settled for selling only 3 million shares at an IPO price of $12. 24/7 Wall Street, an online financial news and opinion operation, reported that ReWalk’s low number of sales so far may have influenced the lower figures of the IPO.
Just 17 ReWalk Rehabilitation units and only 8 ReWalk Personal units sold in 2013. In 2012 the company sold 14 and 4 units, respectively. Sales were lower year-over-year in the first quarter of 2014 as well. That means that ReWalk is a play on future sales.
Corindus Vascular Robotics, a provider of robotic-assisted percutaneous coronary intervention (PCI) devices, has issued and sold 10.66 million shares in a private placement at $2.50 per share. Corindus’ FDA-cleared CorPath 200 System is the first medical device that offers interventional cardiologists PCI procedure control from a radiation protective interventional cockpit. This helps optimize clinical outcomes and minimizes the costs associated with complications through improper stent placement. Philips Electronics NV, a minority Corindus shareholder, is the primary distributor of Corindus devices.