Jiangsu Mei'an Pharmaceuticals is a high-tech medical device distributor that invested $1.3 million in Rex Bionics PLC in the UK. Rex Bionics has developed a robotic device that helps people who need to walk in a wheelchair. Meian Pharmaceutical has already distributed this product in China.
The funds will be used to purchase Rex shares at a price of 30 pence per share.
Crispin Simon, CEO of Rex Bionics, said: "China is one of our two main target markets, and the other is the US. We are very satisfied with the start of our partners with China and are very happy to see the strategy of Meian Pharmaceutical. The trust that the investment shows in our company."
Mei'an Pharmaceutical is a company in Wuxi, Jiangsu. In addition to the Rex robotic walking system, Mei'an Pharmaceutical also represents other leading companies' products.
In April of this year, Mean Pharmaceutical, Rex and MAAB Group signed a memorandum of understanding to train a group of clinical experts, and have begun to contact potential customers of REX two imported products.
Rex Bionics closed flat on Friday, at 32.5 pence.
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