News & Views

Advising Rex Bionics on Restructuring and New Investment


International law firm Simmons & Simmons has, together with Rex Bionics company secretary, Keith Robinson, of Sherrards Solicitors, advised Rex Bionics Plc (the “Company”), the pioneer of the REX Robot technology that enhances the mobility of wheelchair users, on a major restructuring of its group. This has permitted an initial investment of AUD7.5m (approximately £4.4m) and a new development agreement.

Rex Bionics

The restructuring, which has been approved by shareholders, results in the Company holding a 36% shareholding in an Australian company that owns all the technology and assets that support the REX robotic mobility aid and can access funding to promote technological innovation in Australia. The remaining 64% of the Australian company is held by funds managed by BioSciences Managers Pty Ltd who have provided the initial investment. These funds have a mission to promote technological innovation in Australia, specifically including healthcare.

The development agreement is focused on the next phase of the design and development of the REX product that builds on the clinical and competitive advantages of the existing REX device whilst at the same time seeking to achieve a significant reduction in manufacturing costs and important improvements in the product’s aesthetics and ergonomics.

Simmons & Simmons has advised Rex Bionics since 2013, advising its predecessor Union Medtech plc on its admission to AIM in May 2014 and immediate acquisition of Rex Bionics.

Commenting on the transaction, partner Charles Mayo, said: ‘‘REX is a hands-free robotic mobility aid designed for people with mobility impairments. I am very pleased that the restructuring enables its future development.’’

 

Sherrards uses reasonable care to ensure that the content (“Content”) appearing on the Website is current and accurate. The Content does not constitute legal advice and is provided for general information purposes only, without giving any warranty of any kind, either express or implied. The User hereby acknowledges that Sherrards have no control over the use to which the User puts the Content and as such Sherrards cannot and shall not be liable for any loss arising out of the Users (or any third party to whom the User forwards Content) use of, or reliance upon the Content (whether such loss is direct, indirect or consequential).

Related Content