Bionik Laboratories Corp., a Canadian medical device company, recently announced its financial results for the quarter ended Sept. 30, 2015.
Among its recent accomplishments are developments in the progress of its primary product, ARKE, a robotic lower-body exoskeleton that allows people with paraplegia to walk as part of their rehabilitation.
“The third quarter was marked by significant progress on the engineering and development fronts in preparation of advancing ARKE towards commercialization,” Peter Bloch, Bionik Laboratories Corp. chief executive officer and chairman of the board, said in a company press release. “The team remains highly focused on continuing to meet its important timelines and is currently in the assembly and testing stages of ARKE GEN2. The completion of this phase is expected to enable ARKE to be tested in a clinical setting with patients in Canada to produce key data that we expect to report in mid-2016.”
Bionik Laboratories Corp. reported it has re-engineered the ARKE exoskeleton to create a lighter mechanical profile and to improve its control, adaptability and safety, as well as the safety features of it electronic components. The company also began production of the first rehabilitation units of the ARKE GEN2, moving toward clinical testing in rehabilitation centers in Canada. The company also successfully completed a private placement equity financing with gross proceeds of approximately $13.1 million.
Bionik Laboratories Corp. reported a comprehensive loss of $1.1 million for the third quarter of 2015, resulting in a loss per share of $0.02 compared with a comprehensive loss of $1.1 million and a loss per share of $0.02 for the third quarter of 2014. According to the release, the company ended the third quarter of 2015 with $7.8 million in cash and cash equivalents, and $8.08 million in working capital.
“This year has proven to be an exciting time for the company with the achievement of significant corporate milestones,” Bloch said in the release. “As we move toward 2016, we will continue to build a company dedicated to providing individuals with restricted mobility and improvement in overall health, comfort, accessibility and quality of life through the commercialization of our proprietary ARKE exoskeleton.”