TORONTO and BOSTON, March 09, 2017 (GLOBE NEWSWIRE) -- Bionik Laboratories Corp. (OTCQX:BNKL) (“Bionik” or the "Company"), a global pioneering robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological disorders, announced today the company’s recent highlights.
- Development and commercialization strategy designed to provide leading-edge robotic rehabilitation and assistive product solutions from hospital to home, representing $11 billion addressable market.
- Appointed Malcolm G. Bock as Vice President of Engineering.
- Mr. Bock is an established and experienced leader in the development of medical devices. - Appointed Bill Harris as Marketing Director, where he is responsible for implementing the brand strategy with 25 years of experience in health care products.
- He is providing commercial input into product line development of the Bionik robots for health care facilities and consumer home use. - Bionik products have been tested in over 240 locations in 20 countries.
- Focus on bringing new products to market and expanding global footprint to drive future revenue growth:
- Advanced InMotion AnkleBot™ expected to be commercially available in first calendar quarter of 2018;
- Launch of next generation upper body commercial product line planned in second calendar quarter of 2017; and
- Negotiating with Tier-1 ODM to optimize manufacturing and distribute products in Asian markets.
“Management believes that Bionik Laboratories is at an inflection point in the Company’s development,” stated Mr. Peter Bloch, Chief Executive Officer and Chairman of the Board. “The rapidly expanding marketplace coupled with ongoing advancements in the field of robotics have positioned us well in this expanding market. We have focused on building the commercial team and advancing our products in development to market. In addition, we have successfully forged relationships with some of the most respected names in the healthcare industry. We believe these achievements have provided a strong foundation for future growth. Going forward, we intend to leverage our strategic relationships and our proven technologies to increase revenue, expand market opportunities and enhance overall shareholder value.”
Bionik’s previously announced growth strategy is designed to leverage its current product portfolio and internal development programs. The Company’s newly formed commercialization team is expected to build out a robust sales and distribution channel, which includes leveraging innovative sales models.
About Bionik Laboratories
Bionik Laboratories (OTCQX:BNKL), is a global, pioneering robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological disorders. 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 expected to be designed to continually adapt to a patient’s ability and provide real time feedback to the physiotherapist.
For more information, please visit www.bioniklabs.com and connect with us on Twitter, LinkedIn and Facebook.
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 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 and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) 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 over. 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.