Technion Alumnus has his day on Wall Street as ReWalk Stock Soars

(Sept. 17, 2014) A contingent of “ReWalkers” led by Technion graduate Dr. Amit Goffer, stopped traffic in New York’s Times Square today as photographers rushed to capture the jubilation surrounding the Initial Public Offering (IPO) of ReWalk Robotics Ltd., the company that makes the ReWalk device. Invented by Dr. Goffer, the Founder and President of ReWalk Robotics, the ReWalk allows paraplegics to stand upright, walk and in some cases climb stairs.

ReWalk rings the bell at the Nasdaq

ReWalk rings the bell at the Nasdaq

Listed on the NASDAQ exchange under the symbol RWLK, ReWalk Robotics (formerly Argo Medical Technologies) went public Friday, September 12, offering 3 million shares at a price of $12 per share. By the end of the first day of trading, shares soared — more than doubling in price to close at $26.50. The price has continued to rise. As of this morning, when ReWalk CEO Larry Jasinski had the honor of ringing the Opening Bell at the NASDAQ MarketSite in Times Square, ReWalk was anointed the best performing IPO of the year, having gained more than 230% since the offering.

The IPO came just months after ReWalk, headquartered in Yokneam, Israel and Marlborough, MA., received U.S. Food and Drug Administration (FDA) approval in June 2014, making it the first and only motorized exoskeleton available for personal use in the U.S. Prior to receiving approval, ReWalk was available in Europe and Israel for personal use, but was limited in the U.S. for use in rehabilitation and veteran’s clinics.

“Each time I meet with the “ReWalkers” (those who use the device), the same thing happens. I get tears in my eyes,” said Dr. Goffer, who is a quadriplegic and confined to a wheelchair. “The IPO is a great event. It’s very exciting, but the acknowledgment I get from the people using the device, saying how it’s changed their lives, being hugged by their families … makes me more than happy.”

Speaking outside of the exchange after the Bell Ringing ceremony, CEO Jasinski said that about one third of the core ReWalk employees are Technion graduates. When asked what they bring to the table, he motioned to the dozen ReWalkers milling about Times Square and said: “now they can walk.” He also noted that all of ReWalk’s R&D is based in Israel and the devices are fabricated in Israel as well.

ReWalk captured global media attention in the spring of 2012 when it was used to participate in the London Marathon, and again the following year when it was used to participate in a portion of the Tel Aviv Marathon. The device earned a coveted spot on Time magazine’s “The 25 Best Inventions of the Year” for 2013.

Amit Goffer and the ReWalk team in NYC

Amit Goffer and the ReWalk team in NYC

On the heels of ReWalk’s tremendous success, Dr. Goffer and a fellow Technion alumnus Oren Tamari have recently launched start-up RehaMed Technologies to develop an innovative standing wheelchair called UPnRIDE.

Resembling a Segway or electric scooter, UPnRIDE is unlike other standing wheelchairs in that it allows users full mobility in both sitting and standing positions, and on any outdoor urban surface. Proprietary know-how gives UPnRIDE stability due to automatic balance, and releases safety arms to prevent falls. Users will be able to move independently between standing and sitting positions without needing assistance to rearrange the body.

Its Segway-like appearance is meant to remove the stigma often associated with being disabled. “When you see a person in a wheelchair you notice immediately that he is disabled. With the UPnRIDE, you won’t know if he is disabled or just enjoying a Segway-like ride,” says Dr. Goffer, who was left a quadriplegic after a tractor accident in 1997.  While he is not able to use the ReWalk, he will be able to use UPnRIDE.  “I can’t wait to use it myself,” says Dr. Goffer.