Bionik Laboratories, Toronto, Canada, announced that on July 7 it completed an additional sale to qualified accredited investors of units of its common stock and warrants for aggregate gross proceeds. The sale raised about US $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 final round, Bionik has raised about US $13.1 million.
Bionik said it intends to use the proceeds from this financing for general corporate purposes including the costs associated with the development for its primary product, The ARKE™, a robotic lower-body exoskeleton that offers individuals with paralysis, as well as other wheelchair users, the ability to rehabilitate through walking and other motion, and to implement the company’s strategy of becoming a premier medical device and robotics company.
