Rex Bionics Plc
("Rex Bionics" or the "Company")
Retirement of Director
19 September 2016: Rex Bionics plc (AIM: RXB), the pioneer of the REX Robot technology that enhances the mobility of wheelchair users, today announces that it has been informed by Peter Worrall, Chief Financial Officer, of his intention to retire and to step down as a Director of the Company on 31 March 2017. The process of finding a replacement for Mr Worrall is underway, and a further announcement will be made in due course.
David Macfarlane, Chairman, said, "On behalf of the Board, I'd like to express my appreciation to Peter for his exemplary dedication and professionalism. We wish him well in his retirement".
For further information please contact:
Rex Bionics Plc
Crispin Simon, Chief Executive Officer
+44 (0) 781 086 6386
Stifel Nicolaus Europe Limited (NOMAD and Broker)
Jonathan Senior/ Stewart Wallace / Ben Maddison
+44 (0) 20 7710 7600
Consilium Strategic Communications
Mary-Jane Elliott / Chris Welsh
+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. The market potential for this new category of robotic mobility aid was recently estimated to be $2.1 billion in 2021, by Wintergreen Research Inc.
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 the first and second interim analysis of the RAPPER II data were presented on 27th November 2015 and 17th August 2016 respectively.
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 ([email protected]), China (MAAB, [email protected]), Hong Kong and Taiwan (Deltason, [email protected]), Denmark and Belgium; and in other countries we support customers directly ([email protected]).
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