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.
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.’’