Ekso Bionics Steps Up to Develop Exoskeleton Market in Asia

China is expected to have 30 million stroke patients by 2030, and many of those patients will have some degree of disability. And yet, the stroke and spinal cord rehabilitation industry in China is not as developed as it is in the United States. A new joint venture between Ekso Bionics, Zhejiang Youchuang Venture Capital Investment (ZYVC) and Zhejiang Silicon Paradise Asset Management Group could change that. "This joint venture is a transformative opportunity both for Ekso Bionics and for the millions of Chinese stroke and spinal cord injury patients who currently have limited access to advanced rehabilitation technologies," said Jack Peurach, president and CEO of Ekso Bionics. "This joint venture positions us to become the leader in both medical and industrial exoskeletons in China.” The joint venture is designed to both develop and serve the exoskeleton market in China and other parts of Asia and to create a global exoskeleton manufacturing center. The JV will develop, sell, and support exoskeleton products into China, Hong Kong, Singapore, and Malaysia, and will be capitalized at greater than $100 million over its term. Richmond, CA-based Ekso Bionics will license its manufacturing technology and contribute its relevant Chinese patent rights to the joint venture in exchange for a 20% ownership position, with the other partners committing more than $90 million in cash. As part of the agreement, subject to certain condit...
Source: MDDI - Category: Medical Devices Authors: Tags: Orthopedics Source Type: news