Rex Bionics announces £2.3m funding round

Robotic technology firm Rex Bionics announced on Wednesday a £2.3m gross fundraising to sustain its “commercial momentum” during a strategic repositioning and review of further funding opportunities.

The board of the AIM-traded company said it has recently completed a strategic review on commercialisation progress and capital availability, and concluded that while first commercial revenues took longer than expected, the market opportunity remains significant with recent data showing the Rex product is safe and effective.

Rex said the subscription will involve 7,683.333 new ordinary shares to certain new and existing investors, at a price of 30 p per share.

Subscribers will also receive warrants to subscribe for new ordinary shares at the subscription price on or before 30 June 2017 on the basis of one warrant for each subscription share, giving the company the potential for another £2.3m.

“We greatly appreciate the support of the investors who have participated in this funding round,” said Rex CEO Crispin Simon.

“We continue to believe in the value of Rex for the treatment of people living with severe neurological damage and we are taking the evidence from RAPPER II to the people who can make it happen.

“We are also very pleased to announce our new collaboration with Amana Healthcare, which increases Rex's international coverage and represents a base from which to expand the company's activities in the Gulf,” Simon added.