Bionik Laboratories Corp. announced its financial results and corporate highlights for the first quarter fiscal year 2018. The quarter ended June 30.
The company closed on a previously announced tender offer to amend and exercise certain outstanding warrants, which raised $1,125,038 in gross proceeds, according to a press release from Bionik. The company also announced it entered into an agreement with Ginger Capital Investment Holding Ltd. for evidence-based interactive robotic systems in the Chinese market, which included a $500,000 direct investment into Bionic and a $1.4 million investment into a joint venture by Ginger Capital.
Bionik also entered into a partnership with Wistron Corporation to development exoskeleton technologies for the consumer medical device market and to bring lower-body assistive robotic technologies for the consumer home products market, according to the release.
“… We believe these relationships will enable us to continue the commercialization of our clinical robotic technologies, while also positioning us to enter the homecare medical market in the future with a line of consumer-friendly products,” Peter Bloch, chief executive officer and chairman of the board of Bionik Laboratories, said in the release. “We will continue to focus on high-growth markets for our technology, such as Asia and the global aging population, as both markets provide significant revenue opportunities for our company.”
Financial results for the quarter included reported sales of $87,520 compared with $164,191 in the 3 months ending June 30, 2016, according to the release. Bionik reported a comprehensive loss of $2,245,322, or a loss of $0.02 per share, compared with a comprehensive loss of $2,322,772, or a loss of $0.03 per share, in the same quarter a year earlier.
The company reported cash and cash equivalents on June 30 of $846,431, compared with $543,650 on March 31, with working capital of $4,937,770 on June 30 compared with $4,375,225 on March 31.