Rex Bionics PLC Major Grant Awarded by NZ Government (7573O)
August 11 2014 - 3:45AM
UK Regulatory
TIDMRXB
RNS Number : 7573O
Rex Bionics PLC
11 August 2014
11 August 2014
Rex Bionics Plc
("Rex Bionics" or the "Company")
Rex Bionics awarded major research & development grant by NZ
Government
Rex Bionics Plc (AIM: RXB), the developer and manufacturer of
hands-free robotic exoskeletons for use by wheelchair users, today
announces that its Auckland-based subsidiary Rex Bionics Ltd (RBL)
has been awarded substantial new grant funding by the New Zealand
Government to support the research and development of REX 3, the
platform for the Company's next generation of exoskeletons.
The grant funding is being provided by Callaghan Innovation, a
New Zealand Government body responsible for the promotion of
innovation within New Zealand, under its R&D Growth Grant
programme. Under the terms of the grant, Callaghan Innovation will
reimburse, against monthly claims, 20% of eligible R&D
expenditure incurred by RBL on the REX 3 project over a three year
period commencing on 1 July 2014. The Company estimates that the
total contribution towards the cost of the REX 3 programme during
the funding period could exceed NZD1.5 million (GBP0.75
million).
Commenting on today's announcement, Jeremy Curnock Cook, Chief
Executive of Rex bionics said: "We are delighted to be the
recipients of this award from Callaghan Innovation, and I would
like to take this opportunity to thank the New Zealand Government
for its continuing support for Rex Bionics and the remarkable REX
technology. The additional funding will be a significant boost for
our REX 3 programme, underpinning the creation of new jobs at our
operation in Auckland and helping to ensure that we deliver the
next generation of REX exoskeletons to our international markets at
the earliest opportunity."
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For further information please contact:
Rex Bionics Plc
Jeremy Curnock Cook, Chief Executive Officer
+44 (0) 7802 268634
Peter Worrall, Chief Financial Officer
+44 (0)1428 645416
Oriel Securities Limited (NOMAD and Broker)
Juliet Thompson/Jonathan Senior/Giles Balleny
+44 (0) 20 7710 7600
Consilium Strategic Communications
Mary-Jane Elliott / Emma Thompson / Jessica Hodgson / Lindsey
Neville
rexbionics@consilium-comms.com
+44 (0) 203 709 5700
About Rex Bionics
Rex Bionics (AIM: RXB) is an AIM-listed developer and
manufacturer of hands-free robotic exoskeletons for use by people
with mobility impairments. Founded in Auckland, New Zealand by two
robotics engineers with first-hand experience of wheelchair users
and their needs, Rex Bionics focuses on products designed to enable
wheelchair users to stand and walk autonomously without the need
for crutches or supports and is the only company to produce
hands-free walking devices for wheelchair users. Rex Bionics'
marketed products: REX Rehab and REX Personal, can be used by
people with complete spinal cord injury, but also by a much broader
potential customer base, including people with multiple sclerosis
and muscular dystrophy. In May 2014, Rex Bionics joined AIM with a
fundraising of GBP10 million (gross) to scale up production,
distribution and marketing internationally, in order to support
growing demand for both REX products as well as developing the next
generation of REX devices, REX 3. For more information please visit
http://www.rexbionics.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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