. (OTCQB:BNKL), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, announced today it has entered into a series of agreements to issue secured convertible promissory notes of the Company (the “Loan”) for a total of $5 million in gross proceeds to the Company.
Of the $5 million, 80% comes from new investors, highlighting confidence as the Company continues to enhance its technology offerings for commercial applications. In addition, the Company also eliminated approximately $3.9 million in total existing term loans by applying such amounts to purchase approximately $3.3 million of additional convertible promissory notes and an aggregate of 231,518 common shares of BIONIK. The convertible notes have a maturity date of March 31, 2022 and convert into common stock at the maturity date.
“We’re pleased to secure this financing from a diverse mix of new and existing investors, demonstrating a strong belief in BIONIK’s technology suite of hardware and software solutions for the commercial rehabilitation market,” said Rich Russo Jr., CFO and interim CEO, BIONIK. “As the world continues to re-open following the pandemic, we believe we are well positioned to meet the needs of both in-facility rehabilitation and remote patient data analyzation due to our rich technology offerings and deep understanding of patient outcomes.”
The Company will utilize the funds to further develop its technology offerings, such as the BIONIK InMotion® therapy systems and data platform InMotion Connect®, while also building a more robust commercial sales strategy post-pandemic and increasing marketing/branding efforts.
About BIONIK Laboratories Corp.
BIONIK Laboratories is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and two products in varying stages of development.
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