Rex Bionics PLC Completion of Business Transfer & Refinancing (2979G)

TIDMRXB

RNS Number : 2979G

Rex Bionics PLC

26 May 2017

Rex Bionics Plc

("Rex Bionics" or the "Company")

Completion of Business Transfer and Refinancing

26 May 2017: Rex Bionics Plc (AIM: RXB) (the "Company"), the pioneer of the REX Robot technology that enhances the mobility of wheelchair users, is pleased to confirm that the transfer of the Rex business to Rex Bionics Pty Limited (the "Business Transfer"), shareholder approval for which was received and announced on 22 May 2017, has been duly completed.

As previously announced, the Company will now become an AIM Rule 15 cash shell. Stifel, the Company's nominated adviser, will resign effective the close of business today, resulting in the Company's shares being suspended from trading from 7-30am on 30 May 2017, and the Company expects that its shares will be cancelled from trading on AIM (the "Cancellation") on or around 3 July 2017. Pending the Cancellation, the Company's ordinary shares will remain suspended from trading.

Inside Information

This announcement contains inside information. The person responsible for arranging for the

release of this announcement on behalf of the Company is Peter Worrall.

A copy of this announcement has been posted on the Company's website at www.rexbionics.com.

For further information please contact:

Rex Bionics Plc

Crispin Simon, Chief Executive Officer

[phone]

Stifel Nicolaus Europe Limited (NOMAD and Broker)

Jonathan Senior / Stewart Wallace / Ben Maddison

[phone]

Consilium Strategic Communications

Mary-Jane Elliott / Chris Welsh

[e-mail]

[phone]

About Rex Bionics Plc

Rex Bionics is the pioneer of the "REX" that provides robotic standing, walking and exercise support for wheelchair users; and was founded by two British engineers with first-hand experience of the needs of wheelchair users. REX is used by people who have suffered a spinal cord injury, stroke or other traumatic brain injury; and people with multiple sclerosis, muscular dystrophy and cerebral palsy.

We are working with physiotherapists to develop the concept and practice of Robot-Assisted Physiotherapy (RAP); and also offer REX P, for use in the home, enabling customers to walk and stand with their hands free - providing more work and recreation options.

Wheelchair users are at risk of developing numerous medical complications from extended periods of sitting. By enabling them to spend more time standing, walking and exercising, REX may offer significant health benefits, including improved sleep and maintenance of joint range, and a reduction in spasm, pain, common abdominal problems and prescription drug use.

Our commitment to engineering excellence is complemented by a commitment to clinical science and the RAPPER II clinical trial results show high levels of practicality, safety and user enthusiasm.

Our vision is that every day, around the world, thousands of people get relief with REX, from the harm - the pain, discomfort and inconvenience - of neurological accidents and illnesses; and that many will be cured.

REX is not registered for At-Home use in the United States of America.

Enquiries to ([e-mail])

This information is provided by RNS

The company news service from the London Stock Exchange

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May 26, 2017 02:01 ET (06:01 GMT)