Bionik Laboratories Corp. recently announced its financial results for the year ended Dec. 31, 2015.
Highlights of the year included a merger agreement to acquire Interactive Motion Technologies Inc. (IMT), a partnership with IBM to improve the outcomes of neurological rehabilitation and the advancement of the ARKE exoskeleton, which was reengineered.
Peter Bloch, chief executive officer and chairman of the board of Bionik Laboratories, said in a company press release that the year “was marked by tremendous progress on the corporate, operational and development fronts, and I firmly believe this progress has positioned Bionik for a breakthrough year.”
Bionik Laboratories reported a comprehensive loss of $5,569,107 for the year, which resulted in a loss per share of $0.08 compared to a loss of $2,489,137 or a $0.05 loss per share for prior year. The company reported cash and cash equivalents of $6,617,082 and working capital of $890,885. Working capital excluding the non-cash warrant derivative liability was $6,958,754. The derivative liability occurred due to the recent restatement of the company’s audited financial statements included in its quarterly reports on Form 10-Q for the fiscal quarters ended March 31, 2015; June 30, 2015; and Sept. 30, 2015.
“It is our management priority to ensure that strong reporting controls are in place to ensure the integrity of all disclosure to our shareholders and the markets. The restatement of our financial statements does not have an impact on our working capital or our operations as we seek to continue to build shareholder value by executing our business plan,” Bloch said in the release.
In the upcoming year, according to the release, Bionik Laboratories plans to close its acquisition of IMT, integrate the combined teams and announce appointment of a chief commercial officer. The company also plans to expand the market and revenue growth of its new commercial products; complete the first phase of IBM’s development project for the ARKE; continue growth through additional licensing and acquisition transactions; continue validation testing of the ARKE; prepare to file regulatory approvals of ARKE in the United States, Canada and Europe; and continue patent protection efforts.