ReWalk Robotics Ltd. has filed for an initial public offering after recently receiving Food and Drug Administration approval for a motorized device that will aid movement for some people with lower body paralysis.
ReWalk plans to use proceeds for purposes including sales and marketing costs aimed at expansion, and research and development expenses. The company, formerly known as Argo Medical Technologies Ltd., could use some proceeds for acquisitions.
Barclays Capital and Jefferies are joint book-running managers, while Canaccord Genuity will act as co-manager. The company said it plans to raise up to $57.5 million. That figure is a placeholder amount used in deciding registration fees and will likely change.
ReWalk plans to trade on the Nasdaq Global Market under the symbol “RWLK.”
ReWalk’s largest shareholders are SCP Vitalife Partners and Yaskawa Electric Corp.6506.TO -1.11%
The company said in the filing that 2013 revenue was $1.6 million, up from $972,000 in 2012. Net loss widened to $12.2 million from $6.7 million.
In June, the FDA cleared for marketing the company’s ReWalk product, the first motorized device that will aid movement for certain people who are paraplegic because of spinal-cord injuries.
The device will help some of these people with lower body paralysis to walk, sit, stand or rise up from a chair. The ReWalk has several cautions. For example, patients will need to show that they can stand using a standing frame.
Write to Josh Beckerman at josh.beckerman@wsj.com