Bionik Laboratories Corp. (OTCQX:BNKL), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today announced that it has completed a tender offer to exchange new shares of the Company's common stock ("Shares") for outstanding Company warrants.
As of the expiration date of June 27, 2017, an aggregate of 5,000,172 warrants were tendered by their holders and were amended and exercised, representing approximately 28.3% of the Company's 17,638,243 warrants included in the tender offer. The gross cash proceeds from the tender offer to amend and exercise certain outstanding warrants, deducting warrant solicitation agent fees but excluding other estimated offering expenses, totaled approximately $1.125M. Garden State Securities, Inc. acted as the warrant solicitation agent.
Those proceeds follow the investment into the Company from its Chinese partner subsequent the joint venture established in May, providing the Company capital to use moving forward as it pursues commercialization of its products at scale for the consumer market.
"We are pleased with the results of the exchange as it displays strong support from our current investor-base, and will help to provide capital to the Company," said Peter Bloch, Chief Executive Officer and Chairman of the Board, Bionik Laboratories, Corp. "Along with the additional capital received from the joint venture, this capital will be used to further the development of our technology, and to continue to invest in our sales and marketing efforts."
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.