8th May 2014 14:09
(An item published at GMT1252 misstated the share price. The correct version follows.)
LONDON (Alliance News) - Rex Bionics PLC, formerly Union MedTech PLC, began trading on AIM Thursday after it raised GBP10 million.
The company, which develops and markets a hands-free robotic exoskeleton for wheelchair users, raised funds through a placing by Oriel Securities Ltd. At the placing price of 180 pence, it has a market capitalisation of GBP25.7 million.
It said it will use the funds raised in the placing to expand its sales and marketing capabilities, ahead of a full launch of its exoskeleton REX, and expand its product range by developing the next generation of the product REX 3.
Shares in Rex Bionics were trading at 180 pence Thursday afternoon, after rising to 182.5 pence earlier in the day.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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