TORONTO, Aug. 17, 2015 /PRNewswire/ -- Bionik Laboratories Corp. (OTCBB: BNKL), a pioneering medical device and robotics company developing technologies and solutions for individuals with neurological disorders ("Bionik" or the "Company"), announced today its financial results for the quarter ended June 30, 2015.
The Company also provided an update on its corporate strategy and the advancement of its primary product, ARKE, the most comprehensive lower body exoskeleton that offers paraplegics and other wheelchair users the ability to rehabilitate through walking and other motion.
Peter Bloch, CEO of Bionik, stated, "The first half of 2015 has been instrumental in solidifying the foundation we needed to begin to execute on our strategic plan to become a premier robotics and medical device company. Most importantly, as a public company we were able to successfully access the capital markets and secure the necessary funding which will enable us to make significant progress on our product development and growth strategy."
Recent Corporate Highlights
- Successfully completed a private placement equity financing with gross proceeds of approximately US$13.1 million;
- Commenced trading as a public company under ticker symbol BNKL;
- Appointed independent directorsRobert J. Hariri, M.D., Ph.D., a surgeon, biomedical scientist and highly successful serial entrepreneur in biomedicine and aerospace, and Marc Mathieu, a seasoned corporate executive with expertise in developing and implementing global consumer and mobile technology marketing strategies, to the Company's Board;
- Continued to progress the development strategy for ARKE, including preparatory regulatory work required to obtain approvals in major markets and preparations to initiate clinical testing in rehabilitation centers of excellence in Canada;
- Bionik management was invited to present at United Nations 70th Anniversary Celebration; and
- Completed modeling and system design, software and electrical hardware design, graphical user interface (GUI) and firmware communication development for ARKE.
Mr. Bloch continued, "For the remainder of this year and heading into 2016, we expect a great deal of positive momentum as we initiate the necessary verification testing for ARKE and the launch of our rehabilitation clinical validation program. We believe our patented ARKE exoskeleton has the potential to transform the future for mobility impaired patients."
"Moving forward, the Bionik team will continue to focus on our goal to provide individuals with restricted mobility an improvement in overall health, comfort, accessibility, and quality of life through the commercialization of our proprietary products. This will begin with our core product ARKE, and ultimately though other synergistic solutions as we actively seek to expand our product portfolio," concluded Mr. Bloch.
Expected Near-Term Milestones
- Complete ARKE pre-clinical verification testing in early 2016;
- Initiate clinical validation studies for the ARKE GEN2 during the last quarter of 2015 and expect to report initial findings from studies by mid-2016;
- Expect to file for regulatory approvals with Health Canada, the European Medicines Agency at the end of 2016 and the U.S. Food and Drug Administration in the second half of 2017;
- Pursue a rigorous intellectual property expansion strategy to establish a strong patent portfolio for the Company's proprietary robotic and technological innovations; and
- Continue to expand and develop a robust product portfolio through in-house research and development and by acquiring and licensing synergistic products and technologies.
Summary of Financial Results for Second Quarter 2015
For the quarter ended June 30, 2015, the Company reported a net loss of $2,418,910 (about half, or $1,297,558 was attributable to a non-cash expense related to the Black Sholes valuation of stock options), and a net loss per diluted share of $(0.04), compared to a net loss of $630,689, or a net loss per diluted share, of $(0.01) for the quarter ended June 30, 2014. The increase in the net loss for the quarter ended June 30, 2015 is attributable to ongoing research and development activities and regulatory filings related to ARKE and the costs associated with establishing a public company. The Company ended the quarter with $9,078,216 of cash and cash equivalents.
About Bionik Laboratories
Bionik Laboratories (OTCBB: BNKL) is a pioneering medical device and robotics company with a focus in developing transformational technologies and solutions for individuals with neurological disorders. The Bionik team has researched, developed and tested its primary product, The ARKE, a robotic lower-body exoskeleton device that allows paraplegics and as well as other wheelchair users the ability to rehabilitate through walking and other motion. Bionik successfully raised approximately US$13.1 million which enables the company to rapidly advance a robust product development and growth strategy. For more information, please visit www.bioniklabs.com.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of human exoskeletons, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) above.
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