ReWalk Enters Contract with BKK Mobil Oil health insurance fund for the supply of ReWalk exoskeleton to eligible persons with spinal cord injury in Germany
This supply contract is the first between ReWalk and a German company health insurance fund
MARLBOROUGH, Mass. and BERLIN, March 2, 2021 /PRNewswire/ -- ReWalk Robotics, Ltd. (Nasdaq: RWLK) ("ReWalk" or the "Company"), a leading manufacturer of robotic medical devices for people with lower extremity disabilities, today announced it has entered into a contract with BKK Mobil Oil Insurance to provide ReWalk Personal Exoskeleton devices to its eligible beneficiaries with spinal cord injury.
The contractual arrangement is the first with a company health insurance fund and follows a series of agreements with several health insurance providers in Germany, which ReWalk has signed since the beginning 2020. With over one million beneficiaries, BKK Mobil Oil is one of the largest of a total of 72 corporate health insurance funds in Germany. Under the terms of this contract, eligible individuals can receive a ReWalk Personal 6.0 exoskeleton, which enables them to stand and walk in their homes and communities, after completing the training program.
"BKK Mobil Oil has taken the lead within corporate health insurers in Germany by entering into this contract," said ReWalk CEO Larry Jasinski. "We hope that more corporate health insurances will join this contract to ensure quality care with ReWalk exoskeletons for their insureds."
"In addition to the innovative exoskeleton aid, which gives new hope to many paralyzed people, we were particularly impressed by the well thought-out and detailed care concept of ReWalk Robotics GmbH. Everyone involved is aware of the current status of the supply at all times, and can plan the next treatment steps, so that our insured receive high-quality care and are efficiently guided through the procedure," says Tanja Euhus, Head of the Contracts Department at BKK Mobil Oil.
In 2018, the ReWalk 6.0 personal exoskeleton system was listed in the Medical Device Directory (MDD) of the Head Association of Statutory Health Insurances (SHI), which includes all approved devices for insurance procurement. That addition was a critical turning point, enabling any of Germany's 103 statutory health insurance companies to pursue standards of care for ReWalk. After being listed in the MDD directory, ReWalk began to enter into supply contracts with a number of German insurers.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. The Company's mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the United States, Israel and Germany. For more information on the ReWalk systems, please visit www.rewalk.com.
ReWalk® is a registered trademark of ReWalk Robotics Ltd. in Israel and the United States.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding ReWalk's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of ReWalk's control. Important factors that could cause ReWalk's actual results to differ materially from those indicated in the forward-looking statements include, among others: our ability to have sufficient funds to meet certain future capital requirements, which could impair our efforts to develop and commercialize existing and new products; the adverse effect that the current COVID-19 pandemic has had and may continue to have on the Company's business and results of operations; ReWalk's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; ReWalk's ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market and the risk that its ordinary shares will be delisted if it cannot do so; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; ReWalk's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; ReWalk's ability to maintain and grow its reputation and the market acceptance of its products; ReWalk's ability to achieve reimbursement from third-party payors for its products; ReWalk's limited operating history and its ability to leverage its sales, marketing and training infrastructure; ReWalk's expectations as to its clinical research program and clinical results; ReWalk's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; ReWalk's ability to repay its secured indebtedness; ReWalk's ability to improve its products and develop new products; ReWalk's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on ReWalk's ability to market and sell its products; ReWalk's ability to gain and maintain regulatory approvals; ReWalk's expectations as to the results of, and the Food and Drug Administration's potential regulatory developments with respect to its mandatory 522 postmarket surveillance study; ReWalk's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; ReWalk's ability to establish a pathway to commercialize its products in China; the impact of substantial sales of the Company's shares by certain shareholders on the market price of the Company's ordinary shares; ReWalk's ability to use effectively the proceeds of its offerings of securities; the risk of substantial dilution resulting from the periodic issuances of ReWalk's ordinary shares; the impact of the market price of the Company's ordinary shares on the determination of whether it is a passive foreign investment company; the market and other conditions; and other factors discussed under the heading "Risk Factors" in ReWalk's annual report on Form 10-K for the year ended December 31, 2020 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause ReWalk's actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
SOURCE ReWalk Robotics Ltd.
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