Rex Bionics in line for £1m investment from Maxhealth
Wheelchair robot technology company Rex Bionics announced on Friday that Maxhealth Medicine has deposited £1m in escrow in relation to its subscription for 3,333,333 ordinary shares at 30p each.
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The AIM-traded firm said this £1m will be released from escrow and become available to the company upon admission of the shares to trading.
Rex confirmed it has also received commitment for a further subscription of £225,000 for 750,000 ordinary shares of 30p each from Hunter Hall Investment Management.
Based in Wuxi, Jiangsu province, Maxhealth is a Chinese distributor of high technology medical products including the REX robotic mobility system.
Maxhealth is an associate of MAAB Group, with whom Rex Bionics said it signed a distribution agreement for China on 20 July.
A memorandum of understanding between Rex Bionics, Maxhealth and MAAB Group was signed in April 2016, triggering local sales and distribution activity.
Clinical specialists have been trained and have started to work with potential customers with the two REX units that have been imported to date.
“China is one of our two principal target markets - the other being the US,” said Rex Bionics chief executive Crispin Simon.
“We are pleased with the start we have made with our partners in China and delighted by the display of confidence that this strategic investment by Maxhealth represents.”
Maxhealth chief executive Tony Miao said his company is pleased to be able to make the investment, and believes that the REX will be very successful in China.