Robot legs maker Rex Bionics’ (REX:AIM) shares stick at 61p despite signing new distribution agreements. The market wants to see results before backing the business after a disappointing first year on AIM.
The New Zealand-based company makes exoskeletons that help the disabled to walk. Rex listed in London last May, but despite a storm of publicity in newspapers, magazines and on television the orders have failed to roll. It has sold only 17 of the devices since its first prototype was completed in 2007.
One of the issues with Rex is that its manufacturing process only allowed two machines to be made a week. A move to a new site should see this number increase, but ramping up demand from paying customers is the core strategy. It targets 10 sales a year.
The $150,000 cost of buying the legs could be beyond many people, but part of the sales strategy is to target medical centres and universities.
Rex is continuing to speak with other potential distributors in other countries as part of a two-year plan to expand its global coverage.