ReWalk developer Argo to raise $50m on Nasdaq

Nasdaq

The enthusiastic publicity about ReWalk's FDA approval could help the IPO.

Yokne'am based Argo Medical Technologies will attempt to raise $40-50 million on Nasdaq at a company value of $250-300 million. The move comes as the company received US Food and Drug Administration approval for using its ReWalk device at home and in the community. ReWalk is a wearable robotic exoskeleton that provides powered hip and knee motion to enable individuals with Spinal Cord Injury (SCI) to stand upright and walk.

Wall Street is not very sympathetic to biomedical IPOs at present but the enthusiastic publicity and buzz created by ReWalk's FDA approval could help the Israeli company overcome the problem.

Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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