8th May 2014 11:53
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 down 0.1% at 182.25 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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