ReWalk Announces Reimbursement Coverage by Major German Insurance Company
YOKNEAM ILIT, Israel and BERLIN and MARLBOROUGH, Mass., Sept. 23, 2014 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq:RWLK) (d.b.a. Argo Medical Technologies in Germany) announced today that a major German insurance company is the first to reimburse a ReWalk system for Personal use. ReWalk Robotics has been working with insurers across the globe on reimbursement policies for its exoskeleton technology.
"ReWalk is a revolutionary product that is changing people's lives. This announcement is a significant development for people with spinal cord injury (SCI) who wish to own an exoskeleton system, and a major milestone for our company. We are thrilled to see our efforts to secure reimbursement for ReWalk exoskeleton systems with insurance providers coming to fruition," said Larry Jasinski, CEO of ReWalk Robotics. "We believe this favorable decision by one of the largest German insurance companies is a sign of progress in developing standard reimbursement policies for exoskeleton technology for those with spinal cord injuries around the world."
ReWalkâ„¢ is a wearable robotic exoskeleton that provides powered hip and knee motion to enable individuals with SCI to stand upright and walk. The system provides user-initiated mobility through the integration of a wearable brace support, a computer-based control system and motion sensors. The system allows independent, controlled walking while simulating the natural gait patterns of the legs. In addition to the ability to stand and walk independently, clinical studies of the ReWalk Rehabilitation system show significant potential physiological benefits. ReWalk is the most used, most studied exoskeleton technology of its kind, with over 400 ReWalkers worldwide.
The German ReWalker who will have his ReWalk Personal system reimbursed by this insurance company has been confined to a wheelchair since a car accident in 1999. The accident caused a complete SCI at the TH8 level, rendering him paraplegic. The ReWalker saw the ReWalk exoskeleton demonstrated at a trade show and contacted the Company to inquire about the product. After successfully completing the required eligibility review, he received the approval for the reimbursement of a ReWalk Personal system. Eligibility for future ReWalkers covered by the insurance company will be assessed on a case by case basis.
"This reimbursement approval by a major German insurer signifies an acknowledgment of the ReWalk Exoskeleton Technology and its benefits for the SCI population in daily use, both at home and in the broader community. While approvals will initially be provided on case-by-case basis, the German health system's pioneering role with this reimbursement demonstrates the growing acceptance of exoskeletons as the next generation medical device for the SCI population," said John Frijters, Vice President of Sales and Business Development in Europe.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. (formerly Argo Medical Technologies Ltd.) develops, manufactures and markets wearable robotic exoskeletons for individuals with spinal cord injury. ReWalk's mission is to fundamentally change the health and life experiences of individuals with spinal cord injury. Founded in 2001, ReWalk has headquarters in the US, Israel and Germany. For more information on the ReWalk systems, please visit http://www.rewalk.com.
Forward Looking Statements
This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, as amended and other securities laws. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "intends," "anticipate(s)," "look forward," "upcoming," "plan," "enables," "potentially," "entitles," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the future availability of reimbursement for ReWalk in Germany. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to the following: the market for medical exoskeletons is new and unproven, and important assumptions about the potential market for our products may be inaccurate; the Company has a limited operating history upon which you can evaluate our business plan and prospects; if we are unable to expand our sales, marketing and training infrastructure, we may fail to increase our sales; the health benefits of ReWalk have not been substantiated by long-term clinical data, which could limit sales; the Company may fail to secure or retain adequate coverage or reimbursement for ReWalk by third-party payors; the Company depends on a single third-party to manufacture ReWalk and a limited number of third-party suppliers for certain components of ReWalk; the Company's future growth and operating results will depend on our ability to develop and commercialize new products and penetrate new markets; the Company operates in a competitive industry that is subject to rapid technological change, and we expect competition to increase; and the Company is subject to extensive governmental regulations relating to the manufacturing, labeling and marketing of our products. These and other risk factors are set forth in the Company's final prospectus filed with the Securities and Exchange Commission on September 15, 2014, and our other reports filed from time to time with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. ReWalk does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
ReWalk® is a registered trademark of ReWalk Robotics Ltd. in Israel.
CONTACT: Lisa Wilson In-Site Communications, Inc. Investor Relations T: (212) 452-2793 E: lwilson@insitecony.com 