Rex Bionics plc – Announcement of partnership agreement with MAAB

20 July 2015, link here.

Rex Bionics Plc (AIM: RXB), the pioneer of the REX Robot technology that enhances the mobility of wheel-chair users, is pleased to announce that it has today signed a new agreement for a partnership in China with MAAB Group, an investment and trading company that specialises in sourcing and introducing innovative medical technologies into China.

Under the terms of the agreement, MAAB will manage the process of applying for China Food and Drug Administration regulatory approval for REX as well as the sales, marketing and distribution of the product once it is approved. Product launch could take place from the second half of 2016, subject to approval.

Crispin Simon, Chief Executive, Rex Bionics Plc, said: “We are delighted to have entered into this agreement with MAAB, who have a strong team with extensive experience working with international companies, and have access to good local rehabilitation specialists.

“China’s healthcare market represents a great opportunity for Rex Bionics and, with the support of our new Chinese investor, Haiyin, we are confident that we can collectively develop some truly innovative marketing programmes.”

Steen Kroyer, Chairman MAAB International, said: “We are very pleased to have been chosen as Rex Bionics’ partner in China.  As the demand for care increases as a result of the explosive growth of China’s emerging middle class, coupled with the Chinese government’s increasing commitment to improving healthcare access, we see a big market potential here. Today, rehabilitation is still underdeveloped in China and has huge unmet need. We think that REX, which uses modern technology to help the physiotherapists and their patients achieve a better treatment outcome, will become a preeminent tool for the rehabilitation centers and professionals.”

To see a video of Sophie Morgan discussing the benefits of using her REX P, please click here.

For further information please contact:

Rex Bionics Plc

Crispin Simon, Chief Executive Officer

+44 (0) 748 3 167851

Peter Worrall, Chief Financial Officer

+44 (0) 142 864 5416

Stifel Nicolaus Europe Limited (NOMAD and Broker)

Jonathan Senior/Giles Balleny

+44 (0) 20 7710 7600

Consilium Strategic Communications

Mary-Jane Elliott / Jessica Hodgson / Chris Welsh / Lindsey Neville

rexbionics@consilium-comms.com

+44 (0) 203 709 5700

About MAAB Group

MAAB Group is an investment and trading company specialized in sourcing and bringing innovative medical technologies into China. The company is headquartered in Hong Kong and was founded by industry veterans with a mix of expertise ranging from market access to sales and marketing. MAAB Group aspires to work with passionate entrepreneurs and pioneers devoted to innovation in the development of medical technologies.

MAAB is currently the appointed China partner and distributor for a number of cutting edge medical devices and diagnostic products from the UK, New Zealand and Denmark. The investment portfolio will continue to expand with a focus on products that would make a difference to patients’ lives.

About Rex Bionics

Rex Bionics (AIM: RXB) is the UK AIM-listed pioneer of the REX Robot that enhances the mobility of wheel-chair users. 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 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. 

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, cardiovascular performance, maintenance of joint range, and a reduction in common abdominal problems and prescription drug use. A programme of clinical trials is now under way to evaluate these potential benefits. 

REX can be used by people with complete spinal cord injury, as well as people who have suffered a stroke or other traumatic brain injury; and people with multiple sclerosis and muscular dystrophy. REX P, for use in the home, enables users to walk and stand with their hands free – providing more work and recreation options. 

Rex Bionics has been listed on AIM since April 2014.  REX is not approved for At-Home use in the United States of America.