TORONTO and BOSTON, Aug. 15, 2017 /PRNewswire/ -- Bionik Laboratories Corp. (OTCQX: BNKL) ("Bionik" or the "Company"), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today announced its first quarter fiscal year 2018 financial results for the three months ended June 30, 2017.
Closed on the Company's previously announced tender offer to amend and exercise certain outstanding warrants, raising $1,125,038 in gross proceeds.
Announced partnership with Wistron Corporation to develop exoskeleton technologies for the consumer medical device market and bring lower-body assistive robotic technologies to the consumer home products market.
Entered into joint venture with Ginger Capital Investment Holding Ltd. to bring evidence-based interactive robotic systems to the Chinese market, the largest growth market in the world. Agreement includes $500,000 direct investment into Bionik and $1.45M investment into joint venture by Ginger Capital.
Made key additions to commercialization team, adding industry veterans to help drive the commercial sales and clinical team's efforts to reach underserved rehabilitation and mobility solutions market.
"We have taken a positive step forward this quarter with the formation of key partnerships and joint ventures. We believe these relationships will enable us to continue the commercialization of our clinical robotic technologies, while also positioning us to enter the homecare medical market in the future with a line of consumer-friendly products," said Peter Bloch, Chief Executive Officer and Chairman of the Board of Bionik Laboratories Corp. "We will continue to focus on high-growth markets for our technology, such as Asia and the global aging population, as both markets provide significant revenue opportunities for our Company."
Summary of Financial Results for the Quarter ended June 30, 2017
The Company reported sales of $87,520 for the quarter ended June 30, 2017.
For the quarter ended June 30, 2017, the Company reported a comprehensive loss of $2,245,322, resulting in a loss per share of $0.02, compared to a comprehensive loss of $2,322,772 for the quarter ended June 30, 2016, resulting in loss per share of $0.03.
The Company's cash and cash equivalents at June 30, 2017 was $846,431 compared to $543,650 at March 31, 2017. Working capital was ($4,937,770) at June 30, 2017 compared to ($4,375,225) at March 31, 2017.
Since March 31, 2017, the Company has received convertible loans of $500,000 from its Chinese JV partners and gross proceeds from the warrant offer of $1,125,038.
Condensed Consolidated Interim Balance Sheets
(Amounts expressed in US Dollars)
June 30, 2017 (Unaudited) $
March 31, 2017 (Audited) $
Cash and cash equivalents
Prepaid expenses and other receivables
Due from related parties
Total Current Assets
Technology and other assets
Liabilities and Shareholders' Deficiency
Promissory Notes payable
Warrant Derivative Liability
Total Current Liabilities
Preferred Stock, par value $0.001; Authorized 10,000,000 Special Voting Preferred Stock, par value $0.001;
Common Shares, par value $0.001; Authorized - 150,000,000 (March 31, 2017 – 150,000,000); Issued and outstanding 53,885,279 and 47,909,336 Exchangeable Shares (March 31, 2017 – 48,885,107 and 47,909,336 Exchangeable Shares)
Additional paid in capital
Accumulated other comprehensive income
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
For the three month periods ended June 30, 2017 and 2016 (unaudited)
(Amounts expressed in U.S. Dollars)
June 30, 2017
June 30, 2016
Cost of Sales
Sales and marketing
Research and development
General and administrative
Share-based compensation expense
Total operating expenses
Other expenses (income)
Change in fair value of warrant derivative liability
Total other expenses (income)
Net loss and comprehensive loss for the period
Loss per share - basic and diluted
Weighted average number of shares outstanding – basic and diluted
The above financial information has been derived from the Company's unaudited consolidated condensed financial statements as of June 30, 2017 and 2016, and should be read in conjunction with the consolidated financial statements, including the notes thereto, found in the Company's Annual Report on Form 10-K filed with the SEC on June 29, 2017.
The Company will require additional financing this year to fund its operations and it is currently working on securing this funding through corporate collaborations, public or private equity offerings and/or debt financings, and is subject to a going concern qualification.
About Bionik Laboratories
Bionik Laboratories (OTCQX:BNKL) is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and four products in varying stages of development. The InMotion Systems — the InMotion ARM™, InMotion Wrist™, InMotion Hand™ and InMotion AnkleBot™ — are designed to provide intelligent, patient-adaptive therapy in a manner that has been clinically verified to maximize neuro-recovery. Bionik is also developing a lower-body exoskeleton, ARKE™, designed to allow paraplegics as well as other wheelchair users the ability to rehabilitate through walking. ARKE is designed to continually adapt to a patient's ability and provide real-time feedback to the physiotherapist.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," or "project" or the negative of these words or other variations on these words or comparable terminology. 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 and other robotic rehabilitation products, (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, (iv) the market and projected market for our existing and planned products and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions, and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company does not undertake to update these forward-looking statements.