Exoskeleton maker ReWalk pops post IPO
Israeli Amit Goffer was paralyzed in 1997, losing the use of both his arms and legs. As an inventor he vowed to walk again. In 2001 he created a company – ReWalk – that would build exoskeletons to help carry his body and allow him to see the world eye-to-eye.
Just over a decade later, the company he founded has helped hundreds of paralyzed individuals do just that, though he himself has yet to walk because of the severity of his paralysis. ReWalk (RWLK) listed last Friday in an IPO on the Nasdaq. As of Wednesday’s close, the stock had jumped some 180% following the debut.
“This is something that we’ve certainly enjoyed,” said Larry Jasinski, ReWalk’s CEO. “Our goal really here is to be able to provide this for the largest number of people we can, and I think that the more we are known, and the more individuals realize they can walk again, the better for everybody.”
Most Americans got their first glimpse of this technology on the hit Fox TV show “Glee” when Santa Clause mysteriously delivered a ReWalk to the paralyzed character Artie, allowing him to walk again.
“It’s called a ReWalk,” he said. “Some guy in Israel invented it.” “A real Christmas miracle,” responds character Quinn.
“That was a good kick start because a lot of people began to realize this is possible. Now the difference is it’s real,” Jasinski says.
This summer, the ReWalk was approved by the FDA for use in American homes and rehab centers. It’s the only exoskeleton technology currently approved for this use.
“The technology makes it unique, but the FDA did something that was very important. They took a category called exoskeletons and created a designation for us that allowed us to really be legitimate,” said Jasinski.
“That does a roadmap for two things. One - for our future products we now how to move forward with the FDA,” he said. “And it sets the tone for the whole industry. So every company should be doing the same kind of clinical studies we did.”
The American military is of course very interested in the technology, as is the Department of Veterans Affairs. While fewer servicemen and women are paralyzed than other injury categories, like amputations, the VA has been very interested in this technology.
The James J. Peters VA medical center in the Bronx has provided ReWalk with a great deal of data regarding this technology, and within days of the devices FDA approval, Jasinski says the VA cleared it for use.
As for what’s next, the company points out that veterans and victims of accidents aren’t the only people bound to wheelchairs. Eventually it would like to help people with diseases like cerebral palsy or extreme multiple sclerosis and are wheelchair-bound walk again. They're also still determined to get Dr. Goffer back on his feet.