Connect with us

Hi, what are you looking for?

Jewish Business News


Israeli Exoskeleton maker ReWalk Robotics completes $36 million IPO

A disappointment to the company : raised less than planned, but saw its share price double on its first day’s trading .

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.


Israeli Exoskeleton maker ReWalk Robotics (formerly known as Argo Medical Technologies), a builder of wearable for paraplegics, raised $36 million in its initial public offering. It will trade as “RWLK” on the Nasdaq.

This was a disappointment because the company had originally aimed to raise $58 million at a company value of $250-300 million, after money, by selling 4 million shares at $13-14 each.

After IPO the share price was more than doubled, rising 113.33% in its first day of trading to $25.60, and was up a further 5.08% in aftermarket trading to $26.90.

A further $5.5 million may also receive with underwriters including Barclays Capital and Jefferies has an option to buy an additional 450, 000 shares.

 Founded in 2001 by Dr. Amit Goffer, 61, the company President and VP CTO, who had previously founded Odin, which was sold to Medtronic for $9 million. Dr. Goffer was involved in an accident that left him paralyzed. Ways of getting out of his wheelchair led him to set up Argo. Gofer holds a 3.7% stake in ReWalk.

ReWalk sells two products designed to help people who are paralyzed from the waist down regain mobility:

ReWalk Personal, is a custom-fit exoskeleton to be worn at home and at work. The device costs $60-70, 000. And ReWalk Rehabilitation, for clinics and hospitals for rehabilitation therapy. The company has marketed the product in hospitals earning $1.6 million revenue in 2013 and a loss of $12.2 million.

The battery-powered suit is designed for people with full or partial paralysis in their legs, but who retain mobility in their torso and arms. The ReWalk exoskeleton can support itself, as well as the person wearing it. ReWalk’s signature is a “tilt sensor” technology: As the wearer tilts their body forward, sensors on the device translate that shift to a step.

The movements allowed by the suit include sitting, standing, walking and sometimes climbing stairs.

ReWalk has offices in Malborough, Mass., Germany, and Israel. Its products have been on sale in Europe since 2012. In June this year, the company received approval from the Food and Drug Administration for ReWalk Personal. It sold its first unit in the US July this year.




You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Copyright © 2021 Jewish Business News