Bionik Laboratories Corp. announced it has completed an additional sale to qualified, accredited investors of its common stock and warrants of approximately $1.4 million in a private placement transaction.
This equity financing is the sixth and final transaction in the capital raise initiated in February. With the closing of this round, Bionik has raised nearly $13.1 million, according to a company press release.
“The close of this final round of our capital raise initiative is a significant milestone for the company and allows us to advance our strategic plans with a healthy balance sheet,” Peter Bloch, Bionik CEO, said in the release. “This successful financing, along with our achievement earlier this year of becoming a publicly traded company, enables us to access the capital markets and, importantly, makes it possible to advance.”
The company intends to use the funding to advance product development and growth and to back its primary product, the ARKE — a robotic lower-body exoskeleton that offers paraplegics, as well as other wheelchair users, the ability to rehabilitate through walking and other motion, according to the release.