OREANDA-NEWS. Bionik Laboratories Corp. (OTCQX:BNKL) (“Bionik” or the "Company"), a global pioneering robotics company focused on providing rehabilitation solutions to individuals with neurological disorders announced today its financial results for the three months and fiscal year ended March 31, 2016. The Company also provided a business and development progress.

Corporate Highlights

Peter Bloch, Chief Executive Officer and Chairman of the Board stated, “We have made notable progress with the execution of our growth strategy with the completion of the IMT acquisition. We have effectively transformed Bionik by expanding the Company’s technology and product portfolio significantly, and importantly, with the addition of preeminent leaders in robotics technology development to the Bionik team.”

“With the integration of Bionik and IMT now complete we are able to focus on our near-term priorities of market expansion and revenue generation of our commercial products and driving our development products towards approval in key markets to further build a robust portfolio of robotic solutions for individuals with neurological disorders living with both upper and lower body mobility challenges. We believe the solid execution of these efforts will position Bionik for a breakthrough year.”

Upcoming Milestones Expected to Drive Value

  • Announce expansion of management team with key appointment of Chief Commercialization Officer;
  • Execute strategy of market expansion and revenue growth of newly added commercial products;
  • Progress towards commercialization of two development products: the InMotion ANKLE™, for individuals suffering from problems of walking and gait associated with neurological disorders; and a lower extremity product under development at MIT connected to Bionik’s MIT License Agreement, which is expected to be transferred to the Company later in 2016, at which time clinical plans will be determined;
  • Continue validation testing of ARKE;
  • Prepare for filing of regulatory approvals of ARKE with Health Canada and the European Medicines Agency (EMA);
  • Continue execution of growth strategy through additional licensing and acquisition transactions;
  • Complete phase one of the IBM development project for ARKE;
  • Continue to maintain a rigorous patent protection program for the Company’s proprietary robotic and technological intellectual property; and
  • Completion of enrollment of the 720 stroke patients in the RATULS Research study of robot-assisted training.

Summary of Financial Results for the Quarter and Year Ended March 31, 2016

For the quarter ended March 31, 2016, the Company reported a comprehensive loss of $1,004,092 resulting in a loss per share of $0.01, compared to a comprehensive loss of $7,609,347 for the quarter ended March 31, 2015, resulting in a loss per share of $0.14. For the year ended March 31, 2016, the Company reported a comprehensive income of $1,036,148 resulting in income per share of $0.01 compared to a comprehensive loss of $10,098,484 resulting in a loss per share of $0.20 for the year ended March 31, 2015. The decrease in the comprehensive losses from 2015 to 2016 is due to a change in fair value of warrant derivative liability. The Company ended the quarter ended March 31, 2016 with $5,381,757 of cash and cash equivalents and working capital of $187,156. Excluding the non-cash warrant derivative liability, working capital would be $5,323,146.

Excluding the impact of the warrants, the net comprehensive loss for the quarter ended March 31, 2016 was $1,875,005 and for the same period in the previous year was $1,221,874. For the year ended March 31, 2016, the net comprehensive loss excluding the impact of the warrants was $6,706,407 and for the same period of the previous year was $3,711,011.

As previously reported, in connection with the preparation of the Company's audited financial statements for the fiscal year ended December 31, 2015, it was determined that the warrants issued to brokers and shareholders by the Company at the closings of its 2015 financing should have been originally accounted for as a derivative liability in Bionik's audited financial statements. On March 17, 2016, Bionik restated its financial statements included in its Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2015, June 30, 2015 and September 30, 2015 to account for the warrants as a derivative liability. The audited financial statements of the Company for the first quarter ended March 31, 2016 reflect the accounting of the warrants as a derivative liability.

 
Consolidated Balance Sheets
(Amounts expressed in US Dollars)
 
    As at   As at   As at   As at
    March 31, 2016   March 31, 2015   December 31, 2015   December 31, 2014
    $   $   $   $
Assets                
Current                
Cash and cash equivalents     5,381,757       6,125,108       6,617,082       209,933  
Prepaid expenses and other receivables       231,733       158,419       188,217       81,130  
Due from related parties        41,445       41,480       38,554       44,986  
Short term advances     125,153       -       -       -  
Loans receivable       379,908       -       307,459       -  
Total Current Assets     6,159,996       6,325,007       7,151,312       336,049  
Equipment       76,750       100,629       87,103       77,922  
Total Assets     6,236,746       6,425,636       7,238,415       413,971  
                 
Liabilities and Shareholders' Equity (Deficiency)                
Current                
Accounts payable       320,871       208,787       134,718       308,947  
Accrued liabilities       515,979       332,946       57,840       155,463  
Warrant derivative liability      5,135,990       8,382,648       6,067,869       -  
Total Liabilities      5,972,840       8,924,381       6,260,427       464,410  
Shareholders' Equity (Deficiency)                
Special Voting Preferred Stock, par value $0.001; Authorized - 1; Issued and outstanding - 1 (December 31, 2014 – Nil)     -       -       -       -  
Common Shares, par value $0.001; Authorized - 150,000,000  (December 31, 2014 – 200,000,000); Exchangeable Shares; Authorized – Unlimited, Common shares Issued and outstanding – 22,591,292, 15,839,563, 22,428,313, nil; Exchangeable Shares Issued and Outstanding – 50,000,000 (December 31, 2014 – 49,737,096)       72,591       65,840       72,428       49,737  
Additional paid-in capital     11,801,146       10,081,394       11,412,399       4,936,456  
Shares to be issued       -       -       98,900       -  
Deficit     (11,651,980 )     (12,688,128 )     (10,647,888 )     (5,053,982 )
Accumulated other comprehensive income       42,149       42,149       42,149       17,350  
Total Shareholders' Equity (Deficiency)       263,906       (2,498,745 )     977,988       (50,439 )
Total Liabilities and Shareholders' Equity (Deficiency)        6,236,746       6,425,636       7,238,415       413,971  
 
Consolidated Statements of Operations and Comprehensive (Loss) Income
(Amounts expressed in U.S. Dollars)
 
    3 months
Ended
March 31
2016		 Year
Ended
March 31
2016		 Year
Ended
March 31
2015
(Unaudited)		 Year
Ended
December
31 2015		 Nine
month
period
ended
December
31 2014
   
   
    $ $ $ $ $
Operating expenses            
Research and development     343,742     1,397,554     1,537,491     1,489,483     1,101,820  
General and administrative     1,438,553     3,676,125     1,621,341     2,666,669     1,192,244  
Share-based compensation expense     158,244     1,495,837     484,210     1,709,230     112,573  
Depreciation     14,387     63,454     44,448     59,479     34,036  
Total operating expenses     1,954,926     6,632,970     3,687,490     5,924,861     2,440,673  
             
Other expenses (income)            
Imputed interest expense     -     -     27,677     -     27,677  
Interest expense     -     2,839     6,391     3,018     6,212  
Other income     (8,522 )   (42,173 )   (46,349 )   (33,974 )   (46,026 )
Foreign exchange loss     (71,399 )   112,771     36,211     184,125     36,211  
Change in fair value of warrant derivative liability     (870,913 )   (7,742,555 )   6,387,473     (484,124 )   -  
Total other (income) expenses     (950,834 )   (7,669,118 )   6,411,403     (330,955 )   24,074  
             
Net (loss) income for the period     (1,004,092 )   1,036,148     (10,098,893 )   (5,593,906 )   (2,464,747 )
Foreign exchange translation adjustment     -     -     409     24,799     (24,390 )
             
Net (loss) income and comprehensive (loss) income for the period     (1,004,092 )   1,036,148     (10,098,484 )   (5,569,107 )   (2,489,137 )
             
(Loss) income per share - basic     (0.01 )   0.01     (0.20 )   (0.08 )   (0.05 )
(Loss) income per share – diluted     (0.01 )   (0.08 )   (0.20 )   (0.08 )   (0.05 )
             
Weighted average number of shares outstanding – basic     72,455,753     71,554,822     50,226,548     67,210,266     48,225,034  
Weighted average number of shares outstanding – diluted     72,455,753     79,984,257     50,226,548     67,210,266     48,225,034  
                                 

About Bionik Laboratories
Bionik Laboratories (OTCQX:BNKL), is a global, pioneering robotics company focused on providing rehabilitation solutions to individuals with neurological disorders. Through the acquisition of Interactive Motion Technologies, Bionik has added a portfolio of products focused on upper and lower extremity rehabilitation of stroke patients. The Company now has three products on the market and three products in varying stages of development. The InMotion Systems - the InMotion ARM™, InMotionWrist™, InMotion Hand™ and InMotion Ankle™, are designed to provide intelligent, patient-adaptive therapy in a manner that has been clinically verified to maximize neuro-recovery. Bionik is also developing a lower-body exoskeleton, ARKE™, designed to allow paraplegics as well as other wheelchair users the ability to rehabilitate through walking. Each of Bionik’s products are or are expected to be designed to continually adapt to a patient’s ability and provide real time feedback to the physiotherapist through the use of Bionik’s proprietary data collection and analytics cloud network through its partnership with IBM.