News Column

Rex Bionics Gets New Zealand Government Funding For REX 3 Programme

August 11, 2014

Sam Unsted

LONDON (Alliance News) - Rex Bionics PLC Monday said its New Zealand-based subsidiary, Rex Bionics Ltd, has been awarded new grant funding from the New Zealand government to back the research and development work on REX 3, the platform for the company's next generation of exoskeletons.

The funding will be provided to the hands-free robotic exoskeletons developer by Callaghan Innovation, a New Zealand government body which is responsible for the promotion of innovation in the country.

Under the deal, Callaghan will reimburse 20% of eligible research and development spend by Rex on the REX 3 project for three years from July 1, 2014. Rex estimates the total contribution by the New Zealand government to the cost of the programme may be more than NZD1.5 million, or GBP0.75 million.

"The additional funding will be a significant boost for our REX 3 programme, underpinning the creation of new jobs at our operation in Auckland and helping to ensure that we deliver the next generation of REX exoskeletons to our international markets at the earliest opportunity," said Rex Bionics Chief Executive Jeremy Curnock Cook.

Rex Bionics shares were Monday quoted at 179.5 pence per share, untraded.

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Source: Alliance News

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