Rex Bionics: Interim Results for six months ended 31 May 2014
5 August 2014. Link here.
Rex Bionics Plc
(“Rex Bionics” or the “Company”)
Maiden Interim Results for the six months ended 31 May 2014
5 August 2014, Rex Bionics Plc (RXB) (formerly Union MedTech Plc) the AIM-listed developer and manufacturer of hands-free robotic exoskeletons for use by wheelchair users, today announces its maiden unaudited results for the six months ended 31 May 2014.
Highlights:
Financial:
· Transfer of listing from ISDX Growth Market to AIM in May 2014, with the successful completion of an IPO raising £10 million (gross)
· Completion of the acquisition of Rex Bionics Ltd, for an all-share consideration, and simultaneous change of parent company name from Union MedTech Plc to Rex Bionics Plc
· Total comprehensive loss for the period £1.246 million (31 May 2013: £0.075 million)
· Period-end cash reserves £8.777 million (31 May 2013: £0.302 million)
Operational:
· International commercialisation activities accelerating – UK sales and marketing team now in place
· Rex Bionics New Zealand operations transferred to new, larger facility in Auckland as Company scales up manufacturing
· Patents covering REX technology granted in China and Japan
· Richard Little, co-inventor of REX technology, joined the Board as Chief Technology Officer immediately following the IPO. Board further strengthened at same time by appointment of John Plimmer and Victoria Provis as Non-Executive Directors
· Appointment of VP International Sales and Marketing
Post period-end highlights:
· Appointment of Crispin Simon, formerly CEO of Biocompatibles International Plc (“Biocompatibles”), as Chief Executive Officer. Jeremy Curnock Cook to become Deputy Chairman – see separate announcement issued today
· Appointment of Tracey White, previously General Manager of Siemens Healthcare, as General Manager of Rex Bionics Ltd
· Appointment of Michael Heath, most recently at Bombardier manufacturing aircraft fuselages, as Director of Manufacturing in Auckland
· Control System patent accepted for grant in New Zealand
Commenting on the announcement, David Macfarlane, Chairman of the Board, said: “The successful completion of Rex Bionics’ transfer to AIM in early May and the simultaneous completion of our acquisition of Rex Bionics Ltd was a transformational event for the Company. The funds raised have enabled us to advance our commercialisation strategy and commence the scale-up of manufacturing plans. We have already seen an exceptional level of interest internationally in the REX technology and I am delighted to see this being translated into the advanced discussions we are having regarding the first sales of REX Rehab since the time of the IPO. Based on the progress achieved to date, I believe we have good reasons to be very optimistic about the future.
“At this time I would again like to welcome Crispin to the Company as CEO in October and I would also like to take this opportunity to thank Jeremy Curnock Cook once again for his leadership and the commitment he has made to the Company to date. I am delighted to be working with both of them as we embark upon the next phase of our growth and continue our efforts to bring the unique benefits of REX to an increasing number of wheelchair users around the world.”
For more information, please contact:
Rex Bionics Plc
Jeremy Curnock Cook, Chief Executive Officer
+44 (0)7802 268634
Peter Worrall, Chief Financial Officer
+44 (0)1428 645416
Oriel Securities Limited (NOMAD)
Juliet Thompson/ Jonathan Senior/ Giles Balleny
+44 (0) 20 7710 7600
Consilium Strategic Communications
Mary-Jane Elliott / Emma Thompson / Jessica Hodgson / Lindsey Neville
+44 (0) 20 3709 5708