12th Jun 2015 10:17
LONDON (Alliance News) - Rex Bionics PLC, which develops and manufactures robotic exoskeletons that enable wheelchair users to stand and walk without crutches, Friday said it is raising GBP2.1 million in a placing and subscription of new shares.
The 3.5 million shares are being issued at 60 pence each.
The company said it also is seeking to raise a further GBP1.0 million through an additional fundraising that would result in the issuance of another 1.7 million new shares.
"These additional funds will allow us to complete our RAPPER II clinical trial and gather further case study evidence on the utility of REX. We will also launch the product in US and other markets," Chief Executive Crispin Simon said in a statement.
The new shares will be equivalent to between 19.67% and 26.56% of the company.
Rex shares were untraded on Friday. The stock last traded at 51 pence.
By Samuel Agini; [email protected]; @samuelagini
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