Bionik Laboratories Corp. announced it has entered into a series of agreements to issue $2 million in convertible notes of the company from its current investors in Europe. As of Sept. 21, Bionik had received approximately $800,000 in connection with the loan, according to a press release.
Bionik is using the loan for working capital and to fund the further development and commercialization of its current product platform, including the launch of its latest InMotion robotic therapy system later this year, according to the release.
“We are pleased to have completed this financing, which displays the ongoing belief of our investors in both our product platform as well as our ability to execute our strategic plan,” Eric Dusseux, MD, MSc, MBA, chief executive officer of Bionik, said in the release. “Our continued ability to access capital from existing and new investors and strategic partners has allowed us to further develop our commercial product line and seek entry into the residential medical device market.”