Ms. Lynch will lead ongoing building and implementation of ReWalk’s market access and reimbursement programs
MARLBOROUGH, Mass., Aug. 02, 2021 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”), a manufacturer of robotic medical devices for individuals with lower limb disabilities, today announced Jeannine Lynch will join the Company on August 31, 2021, as Vice President of Strategy and Market Access. Ms. Lynch will focus on completing the building and implementation of ReWalk’s market access and reimbursement programs. Ms. Lynch will report to ReWalk CEO, Larry Jasinski. She will also be part of the management team responsible for overseeing planning and implementation of all company business strategy and policies.
“We have been the worldwide leader in building payment pathways and coverage for exoskeleton technologies and are further expanding that effort with the addition of Ms. Jeannine Lynch to implement our strategic efforts for market access, along with contracting public and private insurance,” said Larry Jasinski, ReWalk CEO. “We are thrilled to add the skills and experience of Ms. Lynch to help our customers and build our business. ReWalk’s meaningful success with expanding clinical data, establishing a new CMS code, contracting in Germany, and recent progress in advancing our coverage position has us well positioned to secure exoskeleton coverage payments for the many individuals with spinal cord injuries who wish to walk once again.”
Prior to ReWalk, Ms. Lynch served as Senior Director of Patient Access Services at BioMarin Pharmaceuticals. In addition to her work with BioMarin, Ms. Lynch has worked for industry leaders such as Genentech and Pfizer/Agouron. She has held leadership roles in commercial management, product launches and built customized patient services to address several different rare and ultrarare medical conditions.
“I’m excited to join ReWalk, a team dedicated to driving innovation for patients who are dealing with spinal cord injury, stroke and other neurodegenerative disorders,” said Jeannine Lynch, ReWalk’s incoming Vice President of Strategy and Market Access. “Healthcare innovation includes the product, services and having them accessible to appropriate patients. Coverage by private and public insurers is critical to increase level of care and I look forward to helping strengthen ReWalk’s capabilities in these important areas and elevate ReWalk over its competitors.”
Ms. Lynch is a graduate of the University of California Berkeley and holds a Master of Public Health from the University of Michigan. She sits on the Board of Directors for MVP, a non-profit organization to help young people of color prepare, perform, progress, and prosper in their education, leadership and early professional careers.
In conjunction with the appointment of Ms. Lynch, the Compensation Committee of the Board of Directors of ReWalk approved the grant of an aggregate of 125,000 Restricted Stock Units as an inducement material to Ms. Lynch’s entering into employment with ReWalk in accordance with Nasdaq Listing Rule 5635(c)(4), subject to the terms and conditions of the applicable award agreement covering such grant. The grant will be effective on the date she joins the Company.
The Restricted Stock Units will vest and become exercisable as to 25% of the underlying ordinary shares on August 31, 2022, and will vest and become exercisable as to the remaining 75% of the underlying ordinary shares in 3 equal annual installments on August 31, 2023, August 31, 2024 and August 31, 2025, subject to Ms. Lynch’s continued employment with ReWalk on such vesting dates.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk’s mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the United States, Israel and Germany. For more information on the ReWalk systems, please visit rewalk.com.
ReWalk® is a registered trademark of ReWalk Robotics Ltd. in Israel and the United States.
ReStore® is a registered trademark of ReWalk Robotics Ltd. in Europe and an allowed trademark in the United States.
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding ReWalk's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of ReWalk's control. Important factors that could cause ReWalk's actual results to differ materially from those indicated in the forward-looking statements include, among others: the adverse effect that the COVID-19 pandemic has had and may continue to have on the Company's business and results of operations; ReWalk's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; ReWalk's ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market and the risk that its ordinary shares will be delisted if it cannot do so; ReWalk's ability to maintain and grow its reputation and the market acceptance of its products; ReWalk's ability to achieve reimbursement from third-party payors or advance CMS coverage for its products; ReWalk's limited operating history and its ability to leverage its sales, marketing and training infrastructure; ReWalk's expectations as to its clinical research program and clinical results; ReWalk's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; ReWalk's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; ReWalk's ability to repay its secured indebtedness; ReWalk's ability to improve its products and develop new products; ReWalk's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on ReWalk's ability to market and sell its products; ReWalk's ability to gain and maintain regulatory approvals; ReWalk's expectations as to the results of, and the Food and Drug Administration's potential regulatory developments with respect to its mandatory 522 postmarket surveillance study; ReWalk's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; ReWalk's ability to establish a pathway to commercialize its products in China; the impact of substantial sales of the Company's shares by certain shareholders on the market price of the Company's ordinary shares; ReWalk's ability to use effectively the proceeds of its offerings of securities; the risk of substantial dilution resulting from the periodic issuances of ReWalk's ordinary shares; the impact of the market price of the Company's ordinary shares on the determination of whether it is a passive foreign investment company; the market and other conditions; and other factors discussed under the heading "Risk Factors" in ReWalk's annual report on Form 10-K for the year ended December 31, 2020 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause ReWalk's actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Chief Financial Officer
ReWalk Robotics Ltd.