8th Dec 2015 10:58
LONDON (Alliance News) - Rex Bionics PLC Tuesday said it expects sales in its second half to be higher than its first, as it reported a narrowed pretax loss for its first half due to making the first sales of its REX robotic exoskeleton for wheelchair users since it listed in May last year.
The company said it sold three REX units during the period, including two in the US and one in Hong Kong. During the period the company appointed distributors and strategic partners in the US, China, Hong Kong, Scandinavia, the Benelux countries and Russia.
It is continuing talks with potential distributors in a number of other countries, it said, and expects to make further appointments in its second half.
For the half year to end-September, the company reported a pretax loss of GBP2.3 million, narrowed slightly from a pretax loss of GBP2.4 million, on revenue of GBP184,000.
Rex raised GBP1.9 million in June, and said it plans to raise further funding in the next year.
"We are pleased to record our first sales of REX since the company's IPO; and are making good progress with our five commercial priorities: clinical data, distributor recruitment, reference centres, US development and new medical applications," said Chief Executive Officer Crispin Simon in a statement.
"With more of the basics now in place, we are ready to focus again on our mission to commercialise an all-day use REX P for a target market segment of wheelchair users with a spinal cord injury, who number around 500,000 people in the US and EU alone," Simon added.
Shares in Rex Bionics were untraded Tuesday morning. They last traded at 45.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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