Exhibit 99.1




BIONIK Laboratories Announces Second Quarter Fiscal 2020 Financial Results



TORONTO and BOSTON (November 15, 2019) – 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 announced financial results for the second quarter of fiscal year 2020, ended September 30, 2019.


Financial information for the second quarter of fiscal 2020:


·Year to date sales for the six months ended September 30, 2019 are $1,072,070, up 2% over $1,048,418 for the prior six month period ended September 30, 2018.
·Reported sales of $281,691 compared to $547,085 in the prior-year quarter


Corporate highlights for the second fiscal quarter and recent weeks include:


·Completed rollout of upgraded version of the InMotion™ ARM/HAND robotic device to the market.
·As a result of the long decision cycle of customers, following the launch of our new InMotion™ ARM/HAND robotic device, many expected decisions have been delayed into the third and fourth quarters.
·Positive outlook for new ARM/HAND robotic device, with two units shipped last quarter and two units in the last weeks.
·Expecting to release new Graphic User Interface platform on all InMotion™ robots before end of 2019 to enhance software, data management, and connectivity of devices within the rehabilitation infrastructure.
·Completed raising $9 million in convertible loans and on September 30, 2019 converted these loans and interest into 1,268,191 common shares at an average price at $7.21, substantially higher than the Company’s stock price on the conversion date.
·Continued development of an InMotion Home™ product, which is based on the same clinical concepts, clinical data and rehabilitation protocols as the professional products.
·Continued development of a lower-limb assistive exoskeleton for individuals with impaired mobility.


Management Commentary


·Commenting on the quarter, Eric Dusseux, M.D., BIONIK’s Chief Executive Officer, said, “We are very proud to propose to the market our new ARM/HAND robotic device, which was released earlier this year. This is a significant improvement for patient therapy, as we are now beginning to offer a customization of the connectivity of our robots combined with InMotion Connect™ capabilities, enabling hospital account managers the ability to drive better asset productivity. We see great market traction to our renewed offering with already one ARM/HAND robotic device unit shipped last quarter and two units in the last few weeks.”





BIONIK continues to expect to achieve the following milestones during the remainder of fiscal year 2020:


·The Company, through its partnership with Intelliware, intends to continue to roll out its connectivity software and process to provide each hospital account a customized InMotion Connect™ solution. This connectivity will enable the hospital’s management, through dashboards, to monitor asset productivity and patient outcomes, driving performance and staff satisfaction. This support includes customization of the connections, HL7 compatibility, and software to meet the requirements of the hospital systems and their EMR. Through this seamless data collection, BIONIK is conducting real-time analysis to support interpretation of patient outcomes as well as supporting the management of these hospitals and rehabilitation facilities to fast-track the adoption curve for this new technology.


Financial Results


Sales for the quarter ended September 30, 2019 were $281,691, compared with $547,085 for the quarter ended September 30, 2018. The decrease reflects the sale of two InMotion™ robots during the second quarter of fiscal 2020, including one ARM/HAND robotic device, compared with seven InMotion™ ARM robotic devices in the prior-year quarter. Ten robots have been sold year-to-date compared to 12 over the same period in 2018. In addition, deferred revenue, comprised of training to be provided and extended warranties, increased to $590,599 at September 30, 2019 from $467,778 at March 31, 2019. Extended warranties and training are important and growing parts of the Company’s business.


Gross margin for the quarter ended September 30, 2019 was $198,484 or 70.5%, compared to $163,012 or 27.8% for the quarter ended September 30, 2018. The higher gross margin has been achieved due to economies of scale deriving from higher volume outsourced manufacturing of the Company’s robots.


The Company reported a comprehensive loss for the quarter ended September 30, 2019 of $(3,382,684) or loss per share of $(0.87), and a comprehensive loss of $(5,503,328) or loss per share of $(1.42), for the six months ended September 30, 2019.


BIONIK had cash and cash equivalents of $4,674,868 as of September 30, 2019, compared to $446,779 as of March 31, 2019. The Company’s working capital at September 30, 2019 was $5,144,499, compared to a working capital of $479,408 as of March 31, 2019. The working capital increase at September 30, 2019 is due to the Company raising $9 million and converting these loans and interest into common shares at September 30, 2019.


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 four products in varying stages of development.





For more information, please visit www.BIONIKlabs.com and connect with us on TwitterLinkedIn, 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, 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, pipeline of potential sales, 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 inability to meet listing standards to uplist to a national stock exchange, 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, the extended lead-time needed to close on sales of products, 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.


Media contact:

Matt Bretzius

FischTank Marketing and PR






BIONIK Laboratories Corp.    
Condensed Consolidated Interim Balance Sheets    
(Amounts expressed in US Dollars)    


   As at   As at 
   September 30,   March 31, 
   2019   2019 
   $   $ 
Cash and cash equivalents   4,674,868    446,779 
Accounts receivable, net of allowance for doubtful accounts of $Nil (March 31, 2018 - $19,694)   481,345    1,523,193 
Prepaid expenses and other receivables   2,192,177    1,355,032 
Inventories   1,037,058    405,682 
Due from related parties   18,932    18,585 
Total Current Assets   8,404,380    3,749,271 
Equipment   232,640    192,528 
Technology and other assets   4,289,094    4,427,722 
Goodwill   22,308,275    2,308,275 
Total Assets   35,234,389    30,677,796 
Liabilities and Shareholders' Equity          
Accounts Payable   1,434,167    1,148,852 
Accrued liabilities   1,164,998    1,653,233 
Convertible Loans   70,117    - 
Deferred revenue - Contract Liabilities   590,599    467,778 
Total Current Liabilities   3,259,881    3,269,863 
Shareholders' Equity          
Preferred Stock, par value $0.001; Authorized 10,000,000 Special Voting Preferred Stock, par value          
$0.001; Authorized; Issued and outstanding - 1 (March 31, 2019 – 1)   -    - 
Common Shares, par value $0.001; Authorized - 500,000,000 (March 31, 2019 – 500,000,000); Issued and outstanding 4,970,595 and 156,239 Exchangeable Shares (March 31, 2018 – 3,661,838 and 196,799 Exchangeable Shares)   5,126    3,858 
Additional paid in capital   83,787,934    73,719,299 
Deficit   (51,860,701)   (46,357,373)
Accumulated other comprehensive income   42,149    42,149 
Total Shareholders' Equity   31,974,508    27,407,933 
Total Liabilities and Shareholders' Equity   35,234,389    30,677,796 





BIONIK Laboratories Corp.
Condensed Consolidated Interim Statements of Operations and Comprehensive (Loss) For the six month periods ended September 30, 2019 and 2018
(Amounts expressed in U.S. Dollars)


   Three months   Six months   Three months   Six months 
   ended   ended   ended   ended 
   September 30, 2019   September 30, 2019   September 30, 2018   September 30, 2018 
   $   $   $   $ 
Sales   281,691    1,072,070    547,085    1,048,418 
Cost of Sales   83,207    419,292    384,073    637,236 
Gross Margin   198,484    652,778    163,012    411,182 
Operating expenses                    
Sales and marketing   584,775    1,168,507    427,325    969,984 
Research and development   886,060    1,702,583    679,049    1,355,792 
General and administrative   1,199,938    2,041,631    931,477    1,910,956 
Share-based compensation expense   638,219    925,976    439,328    1,034,740 
Amortization   69,314    138,628    69,315    140,368 
Depreciation                      27,059.     51,029    16,626    34,221 
Total operating expenses   3,405,365    6,028,354    2,563,120    5,446,061 
Other (income) expenses                    
Accretion expense   -    -    1,970,167    2,104,418 
Fair Value Adjustment   -    -    (382,010)   (337,923)
Gain/Loss on mark to market reevaluation   -    -    -    (2,048,697)
Other expense   170,739    185,035    22,712    60,132 
Foreign exchange   5,064    (57,283)   (27,872)   (69,006)
Total other expenses (income)   175,803    127,752    1,582,997    (291,076)
Net loss and comprehensive loss for the period   (3,382,684)   (5,503,328)   (3,983,105)   (4,743,803)
Loss per share - basic and diluted   (0.87)   (1.42)   (1.62)   (2.02)
Weighted average number of shares outstanding – basic and diluted   3,872,428    3,865,573    2,459,169    2,351,587 





BIONIK Laboratories Corp.

Condensed Consolidated Interim Statements of Cash Flows
for the six months periods ended September 30, 2019 and 2018
(Amounts expressed in U.S. Dollars)


   Three months ended   Three months ended 
   September 30, 2019   September 30, 2018 
   $   $ 
Operating activities          
Net loss for the period   (5,503,328)   (4,743,803)
Adjustment for items not affecting cash          
Depreciation   51,029    34,221 
Amortization   138,628    140,368 
Interest expense   167,877    57,716 
Share based compensation expense   925,976    1,034,740 
Accretion expense   -    2,104,418 
Fair Value Adjustment   -    (337,923)
Gain/Loss on mark to market reevaluation   -    (2,048,697)
Allowance for doubtful accounts   -    (1,995)
    (4,219,818)   (3,760,955)
Changes in non-cash working capital items          
Accounts receivable   1,041,848    (303,033)
Prepaid expenses and other receivables   (837,145)   (417,524)
Due from related parties   (347)   (16)
Inventories   (631,376)   44,817 
Accounts payable   285,315    181,765 
Accrued liabilities   (512,068)   (567,320)
Customer advances   -    (800)
Deferred revenue   122,821    11,494 
Net cash (used in) operating activities   (4,750,770)   (4,811,572)
Investing activities          
Acquisition of equipment   (91,141)   (13,640)
Net cash (used in) investing activities   (91,141)   (13,640)
Financing activities          
Proceeds from convertible loans   9,070,000    4,676,633 
Repayment of Demand notes principal   -    (50,000)
Repayment of Demand notes interest   -    (2,975)
Proceeds from short term loan   500,000    - 
Repayment of short term loan   (500,000)   - 
Net cash provided by financing activities   9,070,000    4,623,658 
Net increase (decrease) in cash and cash equivalents for the period   4,228,089    (201,554)
Cash and cash equivalents, beginning of period   446,779    507,311 
Cash and cash equivalents, end of period   4,674,868    305,757