Rex Bionics awarded major research & development grant by NZ Government

11 August 2014. Link here.

Rex Bionics Plc (AIM: RXB), the developer and manufacturer of hands-free robotic exoskeletons for use by wheelchair users, today announces that its Auckland-based subsidiary Rex Bionics Ltd (RBL) has been awarded substantial new grant funding by the New Zealand Government to support the research and development of REX 3, the platform for the Company’s next generation of exoskeletons.

The grant funding is being provided by Callaghan Innovation, a New Zealand Government body responsible for the promotion of innovation within New Zealand, under its R&D Growth Grant programme. Under the terms of the grant, Callaghan Innovation will reimburse, against monthly claims, 20% of eligible R&D expenditure incurred by RBL on the REX 3 project over a three year period commencing on 1 July 2014. The Company estimates that the total contribution towards the cost of the REX 3 programme during the funding period could exceed NZD1.5 million (£0.75 million).

Commenting on today’s announcement, Jeremy Curnock Cook, Chief Executive of Rex bionics said: “We are delighted to be the recipients of this award from Callaghan Innovation, and I would like to take this opportunity to thank the New Zealand Government for its continuing support for Rex Bionics and the remarkable REX technology. The additional funding will be a significant boost for our REX 3 programme, underpinning the creation of new jobs at our operation in Auckland and helping to ensure that we deliver the next generation of REX exoskeletons to our international markets at the earliest opportunity.”