TORONTO and BOSTON, March 30, 2017 (GLOBE NEWSWIRE) -- Bionik Laboratories Corp. (OTCQX:BNKL) (“Bionik” or the "Company"), a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home, announced today that it has entered into an option agreement with The University of Texas at Dallas (“UT Dallas”) with respect to certain of UT Dallas’ novel robotics and control systems technologies. The agreement establishes a one-year period in which Bionik can evaluate these technologies, and grants to Bionik an exclusive option to negotiate an exclusive, worldwide license under certain patent rights owned by UT Dallas, as well as an option to negotiate a non-exclusive license under certain technology rights owned by UT Dallas. Bionik is evaluating these technologies to determine whether they can be used to enhance the Company’s planned assistive product line expansion.
Bionik’s robotic solutions are currently contributing to effective and affordable patient care with respect to treatment of neurological disorders in 20 countries and in over 240 hospitals. Exoskeletons serve as one of the Company’s primary focuses. Bionik has seven robotic products, of which three are FDA-cleared and in the market globally, and four products that are in various stages of development.
Mr. Michal Prywata, co-founder, chief technology officer and director of Bionik, has stated, “Management is extremely pleased to forge this strategic relationship with the University of Texas at Dallas. Bionik has determined that possessing access to the world’s leading robotic technology is paramount to developing state-of-the-art robotics and establishing ourselves as a leader within the emerging medical device industry. We entered into this option agreement as our preliminary investigation has indicated that this infusion of technology and innovation will provide a strong, competitive advantage to our current technology platform, and that the Company can extend its exoskeleton robotic platform and improve our existing technology.”
The technology has been developed by Dr. Robert Gregg IV and his two colleagues, Ge Lv and Hanqi Zhu, and their robotics lab at UT Dallas. Dr. Gregg is an assistant professor of bioengineering and mechanical engineering, and the director of the Locomotor Control Systems Laboratory at UT Dallas and the UT Southwestern Medical Center. He was previously a research scientist at the Rehabilitation Institute of Chicago and a postdoctoral fellow at Northwestern University. His research and inventions concern the control mechanisms of human locomotion with applications to wearable and autonomous robots.
“We are extremely pleased to work with an innovative company such as Bionik Laboratories so that the results of our research can benefit the most people,” stated Dr. Gregg, at UT Dallas. “These innovations in control systems and novel actuation technologies greatly improve robotic performance and will ultimately produce better mobility for a larger patient population. During Bionik’s option period and on execution of the final license agreement, we will work closely with Bionik to advance the technology that will allow them to enhance and commercialize their assistive robotics solution and improve quality of life for persons with these disabilities.”
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.
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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. 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.