TORONTO and BOSTON, June 26,
2017 /PRNewswire/ -- Bionik Laboratories
Corp. (OTCQX: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 announced a joint
development project (the "Agreement") with Wistron
Corporation (TPE:3231) ("Wistron"). Pursuant to the Agreement, the two companies will partner to design, engineer, and
manufacture low-price, lower-body assistive robotic technologies for mass commercial sale within the consumer home products
market.
The companies plan to base the new consumer exoskeleton products off Bionik's ARKE lower body exoskeleton, currently
in clinical development for use within rehabilitation environments, as well as incorporating other important intellectual
property relating to Bionik's acquired or licensed assistive robotic technologies. The companies intend to target the Asian
market initially, where the aging/elderly population is projected to hit 983
million by 2050, increasing the need for affordable assistive technologies over the next half century.
Wistron, which designs and manufactures technology products for global distribution with annual revenue exceeding $20 billion, will co-develop with Bionik a consumer exoskeleton product, which will be sold under the Bionik
brand name and at a price point so they can be more widely available to the mass consumer market.
"Wistron is a highly significant organization within the manufacturing industry, so having an opportunity to combine our
industry-leading expertise within the robotics industry with their product development resources is incredible for us," said
Peter Bloch, Chief Executive Officer of Bionik. "Our years of experience in medical robotics has
provided us with strong clinical data and technology to help us access this growing market of robotics technologies in the area
of human assistance. We intend to continue to seek out additional partnerships that will allow us to bring our technology to a
mass audience within the consumer products sector."
The medical robotics market is projected to be worth $12.8B by 2021, up from $4.9B in 2016, according
to a recent report. This provides a significant opportunity for Bionik to partner with larger manufacturers and provide technical
expertise to develop products for distribution at larger scale within a high growth market.
The industry has seen a rise of robotics and smart technologies such as artificial intelligence and machine learning within
the medical field, but much of that innovation is within a clinical setting. As such, there exists a tremendous opportunity for
disruption within the consumer space, as Bionik does not believe that there are currently options that are both viable and
affordable.
Wistron is one of the world's largest original design manufacturers, and has worked with some of the world's largest companies
to design and manufacture consumer technology products and bring them to market. Upon completion of the design of any new product
conceived within the framework of the Agreement, Wistron would be the sole manufacturer.
"This partnership with Wistron represents a tremendous opportunity for Bionik to bring our technology to a massive consumer
audience. When it comes to the commercialization of consumer tech products – design, engineering, and manufacturing – Wistron is
a leader," said Michal Prywata, co-founder and COO of Bionik. "Our leading robotic technologies are already available in more
than 200 facilities across the globe, but this partnership with Wistron will allow us to provide access to a much larger consumer
market."
About Wistron
Wistron Corporation (TPE:3231) is a Fortune Global 500 company and a Technology Service Provider supplying ICT (information
and communication technology) products, services, and systems to our global customers. Wistron is devoted to increasing the value
of its services through developing innovative solutions in the areas of green recycling, cloud, and display vertical integration.
For more information, please visit: www.wistron.com.
About Bionik Laboratories
Bionik Laboratories (OTCQX: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.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking
statements. 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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SOURCE Bionik Laboratories Corp.