UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, DC 20549 |
FORM 8-K |
CURRENT REPORT Pursuant |
to Section 13 or 15(d) of the |
Securities Exchange Act of 1934 |
Date of report (Date of earliest event reported): August 22, 2017 |
Bionik Laboratories Corp.
(Exact Name of Registrant as Specified in Its Charter)
Delaware | 000-54717 | 27-1340346 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) |
483 Bay Street, N105 Toronto, ON |
M5G 2C9 | |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (416) 640-7887
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
Emerging growth company ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
Item 7.01 | Regulation FD Disclosure. |
On August 22, 2017, Bionik Laboratories Corp. (the “Company”) released a letter to shareholders. The letter is attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 | Financial Statements and Exhibits. |
Exhibit |
Description | |
99.1 | Letter to Shareholders, dated August 22, 2017 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: August 22, 2017
BIONIK LABORATORIES CORP. | ||
By: | /s/ Leslie Markow | |
Name: | Leslie Markow | |
Title: | Chief Financial Officer |
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Exhibit 99.1
Bionik Laboratories Corp. Issues Letter to Shareholders
TORONTO and BOSTON, August 22, 2017 -- Bionik Laboratories Corp. (OTCQB:BNKL) (“Bionik” or the "Company"), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today issued a letter to its shareholders. The letter can be read in full below:
To Our Valued Shareholders,
I am pleased to provide you with an update of our progress over the last 12 months and to outline certain goals for the next year.
The first half of 2017 has been an important one for Bionik as we seek to strengthen our position as a company as we prepare to enter new markets. We are excited about the opportunities that lie ahead for our Company as we continue to execute on the advancement of our industry-leading product portfolio of assistive robotic technologies for the medical and home healthcare markets.
The Company has achieved several key milestones thus far in 2017 that we believe have also positioned us for increased growth:
· | Completed the development of the new V2 version of our InMotion robots, with improved design, footprint and user interface to enhance the user experience. We expect to begin delivery of these products this year. |
· | Expanded sales and marketing teams to lead business development and company awareness initiatives. This has resulted in a significantly expanded sales pipeline, which is expected to generate sales over the coming years. |
· | Strengthened position to enter growth markets in China through a joint venture partnership with Ginger Capital Investment to market and sell Bionik products into China, the largest single potential market for our products. |
· | Signed a co-development partnership with Wistron Corporation to co-develop and sell exoskeleton robots targeting the aging population. Wistron is a tier 1 Taiwanese ODM company. |
· | Made a key addition to Board of Directors with the appointment of Dr. Eric Dusseux, MD, MSc, MBA, adding significant experience within the areas of corporate strategy, business intelligence, international business development, business growth strategy, entrepreneurship and operations. |
· | Fully integrated Interactive Motion Technologies, Inc. into Company following May 2016 acquisition. |
Moving forward, the Company continues to focus on near-term priorities of market expansion and revenue generation through our core commercial products, while also targeting new, high-growth market opportunities and partnerships. I have highlighted below some important milestones management is striving for in the near term:
· | Extending the range of our new V2 InMotion robotic rehabilitation products, including the arm/hand and wrist robots. |
· | Further developing the V2 ankle robot and our first home version of the InMotion arm rehabilitation robot. |
· | Beginning to develop our first lower cost, lower body robot focused on the large and expanding market for the aging population in conjunction with Wistron Corporation, a co-development partner. |
· | Generating our first revenues from China together with a JV partner, Ginger Capital. |
· | Securing an additional Asian distribution partnership. |
· | Outsourcing manufacturing to support the expected increase in demand for our products. |
In parallel, the Company is exploring an uplist to a national securities exchange, such as NASDAQ, and a capital raise necessary to do so and to fund the Company. A successful uplist is expected to provide the Company with greater market coverage and a larger diversified base of prospective investors. We have made good progress as a Company in regards to engineering and product development, and believe stepping up to a senior exchange will provide us with greater opportunity and flexibility as we move toward commercialization of our technology at scale.
The Company is seeking approval at its annual meeting of stockholders for a reverse split to ensure it meets certain stock price minimums required for market inclusion on NASDAQ.
Furthermore, the Company is seeking approval at its annual meeting of stockholders for an increase in the total number of authorized shares of our Common Stock. The Company and its leadership believe such an increase may be necessary for future issuances of the Company’s securities as it seeks to raise capital for operations and the NASDAQ uplist, among other things,
The Company and its leadership hope to garner your support for these proposals.
We believe the most exciting times for Bionik are still in front of us, as the robotics markets within medical and home health care maintain their growth and our technology continues to evolve. Over the remainder of 2017 and beyond, we remain committed to providing leading robotic assistive therapy and mobility solutions, providing users with an enhanced level of accessibility and quality of life.
On behalf of the entire Bionik management team and Board of Directors, I would like to thank you for your continued support of our company and our mission.
Sincerely,
Peter Bloch
Chief Executive Officer
Bionik Laboratories Corp.
About Bionik Laboratories
Bionik Laboratories (OTCQB:BNKL) 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 four products in varying stages of development. The InMotion Systems — the InMotion ARM™, InMotion Wrist™, InMotion Hand™ and InMotion AnkleBot™ — 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. ARKE is designed to continually adapt to a patient’s ability and provide real-time feedback to the physiotherapist.
For more information, please visit www.bioniklabs.com and connect with us on Twitter, LinkedIn, and Facebook. If you’re a shareholder and wish to receive email alerts for Company news, please sign up here.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of human exoskeletons and other robotic rehabilitation products, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the market and projected market for our existing and planned products and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions, and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company does not undertake to update these forward-looking statements.
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