TIDMRXB
RNS Number : 2152S
Rex Bionics PLC
16 March 2016
Rex Bionics Plc
("Rex Bionics" or the "Company")
Trading update
16 March 2016: Rex Bionics Plc (AIM: RXB), the pioneer of the
REX Robot technology that enhances the mobility of wheelchair
users, is pleased to provide an update on trading since the
Company's Interim Results Statement, released on 8 December
2015.
The Directors re-iterate their sales guidance, provided in the
Interim Statement, that REX unit sales will be higher in the second
half of the year to 31 March 2016 than the three units sold in the
first half year. Up to the present date, three REX units have been
shipped and invoiced in the second half; and an order is in hand
for a further REX scheduled for shipment before the end of March.
The full year mix, including these second-half orders, is most
likely to be three REX units sold in Asia, two or more in the US
and the others in the UK and Australia.
The Board has recently reviewed the progress of the Company and
the medium-term market opportunity and has concluded that the
market for robotic mobility aids remains very attractive. According
to a 2015 report by the independent research group WinterGreen
Research, Inc, the market for robotic exoskeletons for medical
applications is poised for significant growth, with global sales
forecast to reach $2.1 billion by 2021, from $16.5 million in
2014.
In addition, feedback from initial demonstrations of the REX in
the US is confirming the interest of the customers and the
capability of REX's marketing partner, EnableMe (formerly Ri
Medical). In view of the requirement for capital and time to
complete the demanding selling process, Rex Bionics will be
focusing its commercial resources on the US market in the
short-term. The appointment of Joe Cucolo to the Board, announced
in January, reflects the Company's increased focus on the US
market, and the recent announcement of a new collaboration with the
US Army to investigate the use of REX in an acute care setting
provides further support for this strategy.
Rex Bionics will also continue to support the registration
process in China, where an initial training program has recently
been successfully completed.
While the US and China will be the Company's main areas of
focus, sales enquiries outside these territories will continue to
be pursued. The Company also intends to build on the model,
established in 2014, of working with independent
neuro-rehabilitation clinics who are willing to promote the REX
technology as part of their treatment protocols. This has worked
well in the UK, and plans for similar arrangements in the UAE,
Australia (in both Sydney and Melbourne) and New Zealand are at an
advanced stage of development. Experience shows that where the REX
is in use, the feedback is positive and therefore the availability
of additional demonstration equipment, following progress with
addressing production bottlenecks, is expected to provide a
material contribution to sales momentum.
Following the first successful personal injury claim in the UK
to include recovery of costs for a REX, the Company also plans to
encourage awareness in its international markets of the benefits of
personal injury insurance coverage for access to a REX by people
with a recent spinal cord injury.
Recruitment in the RAPPER II clinical trial is progressing well.
31 volunteers have been recruited to date, and two new trial
centres, the Royal National Orthopaedic Hospital in Stanmore, UK
and Austin Health's Royal Talbot Rehabilitation Centre in
Melbourne, Australia, have each recently treated their first
volunteers. The involvement of some of the world's leading
neuro-rehabilitation clinics is a valuable endorsement of the REX
technology. Following the announcement of positive results from an
interim analysis of the first 20 volunteers in November 2015, a
second interim analysis (40 volunteers) from the RAPPER II trial,
which will include the first data showing the effect of treatment
with REX on pain, sleep, spasm and overall health, remains on track
for presentation around the middle of 2016.
Rex Bionics has, recently, focused its R&D resources on
upgrades to its quality systems and is now in a position to
implement plans designed to secure FDA approval for "Home Use" of
REX and deliver a variety of product upgrade projects. Further
details will be provided with the preliminary results for the year
to March 2016 scheduled for release in July 2016.
Rex continues to attract valuable publicity, most recently on
ITV's "It's not Rocket Science" program (23 February 2016),
national newspaper and global on-line coverage of the UK personal
injury award (3 February 2016), and TV news items in Florida (15
February 2016) and Michigan (18 November 2015) covering REX
demonstrations. The Company is also well-placed to participate in
the development of "Big Data" in the field of neurological injury
and illness; and of thought-controlled robots, where the University
of Melbourne's Stentrode concept recently attracted world-wide
publicity (9 February 2016).
Crispin Simon, Chief Executive, commented, "Most people who see
a robotic exoskeleton immediately grasp its value and its potential
to transform lives. We have delivered commercial sales, clinical
evidence and new partnerships, and are especially pleased with the
agreement we announced last week with the US Army. Our goal is to
be the market leader in this exciting new technology."
For further information please contact:
Rex Bionics Plc
Crispin Simon, Chief Executive Officer
+44 (0) 748 3 167851
Peter Worrall, Chief Financial Officer
+44 (0) 142 864 5416
Stifel Nicolaus Europe Limited (NOMAD and Broker)
Jonathan Senior/Stewart Wallace
+44 (0) 20 7710 7600
Consilium Strategic Communications
Mary-Jane Elliott / Jessica Hodgson / Chris Welsh / Lindsey
Neville
rexbionics@consilium-comms.com
+44 (0) 203 709 5700
About Rex Bionics plc
Rex Bionics (AIM: RXB) is the pioneer of the REX Robot that
enhances the mobility of wheelchair users and was founded in
Auckland, New Zealand by two robotics engineers with first-hand
experience of wheelchair users and their needs.
Rex Bionics is working with physiotherapists to develop the
concept and practice of Robot-Assisted Physiotherapy (RAP). In a
session of RAP, REX lifts patients from a sitting position into a
robot-supported standing position, allowing them to take part in a
set of supported walking and stretching exercises, designed by
specialist physiotherapists.
In addition, REX P, for use in the home, enables users to walk
and stand with their hands free - providing more work and
recreation options. Our vision is to commercialise an all-day use
REX P for a target market segment of wheel chair users with a
spinal cord injury, who number around 500,000 people in the US and
EU alone.
Wheelchair users are at risk of developing numerous medical
complications from extended periods of sitting. By enabling them to
spend more time standing, walking and exercising, REX may offer
significant health benefits, including improved sleep and
maintenance of joint range, and a reduction in spasm, pain, common
abdominal problems and prescription drug use.
A program of "RAPPER" clinical trials is now under way to
evaluate these potential benefits and a positive interim analysis
of the RAPPER II data was presented on 27(th) November 2015.
Recruitment for RAPPER II remains open and clinics and individuals
can send enquiries to rex@physiofunction.co.uk.
Until now, REX has most commonly been used by wheelchair users
with a spinal cord injury, but has also been used by people who
have suffered a stroke or other traumatic brain injury; and
wheelchair users with multiple sclerosis, muscular dystrophy and
cerebral palsy.
Rex Bionics has three Strategic Objectives - to establish
Robot-Assisted Physiotherapy as a Gold Standard of Care for Spinal
Cord Injury, Stroke and other neurological conditions; to establish
REX as the market-leading robotic mobility aid; and by effective
execution of our plans, to deliver significant value growth to
shareholders.
Rex Bionics works with distribution partners in the US
(customerservice@enableme.com), China (MAAB,
alex.lou@maab-group.com), Hong Kong and Taiwan (Deltason,
tommychan@deltason.com), Denmark and Belgium; and in other
countries we support customers directly
(debra.leeves@rexbionics.com).
Rex Bionics was admitted to trading on the London Stock
Exchange's AIM in 2014. REX is not registered for At-Home use in
the United States of America.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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