ReWalk's stock nearly triples after FDA clears ReStore for sale in rehab centers
Shares of ReWalk Robotics Ltd. rocketed 176% in very active premarket trading Wednesday, after the Food and Drug Administration cleared the company's ReStore soft exo-suit system for sale to rehabilitation centers. Volume of about 952,000 shares was already more than double the full-day average. ReWalk said in a release late Tuesday that ReStore is intended for use in treating stroke survivors suffering from walking and mobility challenges. "With a launch price of $28,900 as well as leasing options, ReStore offers cutting edge innovation with features that redefine therapy at a price that is accessable for a broader range of clinics than existing robotic technologies," said Chief Executive Larry Jasinski. "The current gait training reimbursement codes enable immediate penetration and sales growth as part of our pathway to become a break even and profitable company." The stock had tumbled 87.4% over the past 12 months, while the S&P 500 has gained 2.0%.
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