Rex Bionics PLC (LON: RXB) is set to receive £1mln following an investment from Chinese listed Maxhealth Medicine Co Ltd.
Maxhealth has deposited £1mln in escrow from its subscription for 3.3mln shares at 30p, which will be released to the company.
Rex, which has pioneered the REX robot allowing wheelchair users to get upright and walk, has also received commitment for a further subscription of £225,000 for 750,000 shares at 30p each from Hunter Hall Investment Management Limited.
Chief executive Crispin Simon said: "China is one of our two principal target markets - the other being the US. We are pleased with the start we have made with our partners in China and delighted by the display of confidence that this strategic investment by Maxhealth represents."
Maxhealth is a Chinese distributor of medical products including the REX robotic mobility system, as well as products from other leading companies.
An MoU between Rex Bionics, Maxhealth and MAAB Group was signed in April this year and clinical specialists have been trained and have started to work with potential customers with the two REX units that have been imported to date.
The £1.22mln here along with the £1.08 million for shares that were admitted on August 2 means the total amount raised from this subscription raise will be £2.30 million.
Rex Bionics shares are unchanged at 32.5p each.