June 11, 2021
The German government approval for its products has boosted Larry Jasinski, who is the managing director and board member of ReWalk Robotics Ltd. since February 2012.
From 2005 to 2012, Mr. Jasinski was President and CEO of Soteira, Inc., a company engaged in the development and commercialization of products used to treat people with vertebral compression fractures, which was acquired by Globus Medical in 2012.
From 2001 to 2005, Mr. Jasinski was President and CEO of Cortek, Inc., a company that developed next-generation treatments for degenerative disc disease, which was acquired by Alphatec in 2005.
From 1985 to 2001, Mr. Jasinski held several sales, research and development and general management positions at Boston Scientific Corporation. Mr. Jasinski holds a BA in Marketing from Providence College and an MBA from the University of Bridgeport.
In this 2,582-word interview, exclusively in the Wall Street Transcript, Larry Jasinski explains how the German government approval will get critically injured patients back on their feet:
âOur main product, for which we are well known, is called ReWalk 6.0. We will create more generations of it as a product designed for personal use in everyday life, whether at work, in the community, at home, or for people who organize special events.
Of the other three product lines we have, the largest is a flexible exoskeleton, a very small and lightweight system that is driven by cables. We did this as part of a collaborative agreement with Harvard University and brought it to market just before COVID hit.
It is a device for treating those who have had a stroke, and it helps them relearn the proper walking paths. It works in terms of being able to walk in a traditional gait pattern, walk faster, walk farther, and be healthier.
These flexible suits will ultimately be a formula for providing us with these wearable robots for multiple sclerosis, and hopefully, for Parkinson’s disease. We still need to build their data for more applications.
For stroke, we have already brought it to the market for clinical use.
Our next version of the product is a product you would use at home.
You can use it for a period of treatment, and possibly longer term for patients who need it for a long cycle of use.
Robotic products are in the process of developing widespread reimbursement and recently received approval from the German government.
âConsiderable effort has gone into developing a repayment path and positive results.
Our work to build the database – supporting clinical data, economics and quality of life data has grown significantly along with the user base.
When we first got FDA clearance, we had a limited number of patients from safety-based studies.
Actual data from sales and additional research has allowed us to achieve coverage in some major markets, such as Germany.
The government issued coverage codes and has since established six comprehensive coverage contracts. So if you are a German citizen injured on the job through workers’ compensation or injured when you have one of the private payers who signed contracts, now you can get one of these systems, bring it back. at home and live your daily life with this.
Over the past year, COVID has slowed down training and education and as we regain access in the future, we will become more active.
In the US we will be using the database that led to VA and German coverage and we have additional data developing.
We applied in late 2019 for a coverage code to be created by the US Centers for Medicare Services – CMS – and code K1007 was released last summer after public hearings and went into effect last October.
And now we’re moving towards pricing, product category, and contracting in the United States.
Beyond that, we proceed on a case-by-case basis, which tends to discriminate against those who have the ability to appeal or be heard rather than reaching those who can benefit the most.
It is a slow and difficult process.
And that’s why these contracts, and their long-term success, are so important.
Approval from the German government will support 2021 growth.
âOur second half of this year examines how well COVID is allowing us to re-enter the market, which we believe at the current vaccination rate of our employees, customers and clinics will be pretty good.
We did a few things. At the start of this year and at the end of last year, we worked hard to strengthen our balance sheet. We carried out additional capital increases. We have reduced our burn.
We have eliminated all of our long-term debt. We therefore believe that we now have enough lead to bring us into equilibrium operations.
We have important milestones that will affect us, including a German Federal Court ruling, which could even expand coverage in Germany if it is positive. It will probably happen this year.
We basically need to show year over year growth, so that the market can see that this insurance is working.
Well, there is an upside and downside to being the first in an industry, and ReWalk was the first and only company to market a product originally for personal use.
There were no competitors at that time. We had another one in the US market, but we are several generations ahead. However, we are seeing more and more activity.
In the stroke market, we’re seeing pretty good effort, and particularly good design with one of our competitors, Ekso Bionics.
I think more competitors would help this industry grow. So we would encourage that.
But we expect that we have been able to lead. We were the first to offer ReWalk, we are the first to develop a flexible wetsuit, and we are truly the first group to have a strong focus on MS and Parkinson’s disease.
So I think we’ll get to lead it. Hope more will join as it will help move the industry forward in a positive way.
The thing we did most of the last year was build a pipeline. We have made contact with many veterans who are perfectly qualified for the product, and we have prepared them. Despite COVID, we kept our team in place, so we could build a pipeline.
We did it in Germany, we did it in the United States with the VA and with the patients at the hospital in particular. So we are reasonably put in place, when COVID opens, to help many of these patients. “
Read the entire interview, including all the details about the German government’s reimbursement approval, in this 2,582-word interview, exclusively in the Wall Street Transcript.
Larry Jasinski, CEO, Robotics ReWalk Ltd.
email: [email protected]