Bionik Laboratories to Utilize Machine Learning and Analytics to Improve Neurological Rehabilitation
- Working with IBM, development of cognitive computing analytical system for ARKE™ rehabilitation expected to be completed in the next year -
TORONTO, Feb. 1, 2016 /PRNewswire/ -- Bionik Laboratories Corp. (OTCQX: BNKL), a pioneering medical device and robotics company with a focus in developing technologies and solutions for individuals with neurological disorders ("Bionik" or the "Company"), announced today that it is working with IBM to develop a unique analytics system and apply sophisticated machine learning algorithms to improve the outcomes of neurological rehabilitation.
Michal Prywata, Co-Founder and Chief Operating Officer of Bionik, stated, "This collaboration is the genesis of a meeting nearly a year ago where we discussed the universal importance of big data. During our follow-on conversations we began to realize synergies and started to discuss potential ways in which we could work together to develop an intelligent analytics platform for ARKE."
ARKE is Bionik's proprietary robotic lower-body exoskeleton device that is designed to allow paraplegics as well as other wheelchair users the ability to rehabilitate through walking and other motion. Use of IBM's cognitive computing infrastructure would enable access to the exoskeleton's performance, patient data, and results of ARKE rehabilitation from multiple sites, including rehabilitation centers, physicians' offices, physiotherapists' offices, patients' homes, research centers or any other location at any time. Phase one of the IBM development project for ARKE is expected to be completed in 2016. Phase one will include the full backend required to capture the information needed for future use.
The collaboration is a result of IBM's Big Data University initiative designed to identify promising entrepreneurial and emerging technology companies and provide access to the programming expertise and engineering talent at IBM.
Leon Katsnelson, Director and Chief Technology Officer of IBM Analytic Platform Emerging Technologies, commented, "Our entrepreneurial access program focused on adoption of cognitive computing is perfectly suited for a pioneering robotics company such as Bionik. IBM recognizes the potential of Bionik's ARKE exoskeleton and is eager to assist Bionik in their quest to provide advanced data analytics to rehabilitation specialists anywhere, anytime, through IBM Cloud."
Peter Bloch, Chief Executive Officer and Chairman of the Board of Bionik, commented, "We are honored to be collaborating with the innovative technology partners at IBM. We believe that ARKE, when used with the solution being developed together with IBM, will have the potential to significantly improve physicians' and physiotherapists' access to analytics related to use of ARKE."
Mr. Prywata added, "Importantly, this proprietary system will enable us to develop a better understanding of the data collected during ARKE patient sessions and, most importantly, advance the correlation between patient regimens with patient results and strategically work to improve overall outcomes for these individuals. We believe that these advancements have the potential to be a key differentiating factor for not only ARKE, but other medical devices as well, with the goal of providing improvements in the quality of life for individuals and their families as well as a broad socioeconomic impact."
As part of phases two and three of the project, Bionik engineers together with data scientists at IBM are expected to develop machine-learning algorithms designed to analyze large volumes of sensor data generated by ARKE. The analytical program is expected to be an important tool in identifying the correlation between different rehabilitation regimens using the ARKE exoskeleton and understanding the therapeutic results from these physio-protocol programs over certain measures of time.
About Bionik Laboratories
Bionik Laboratories (OTCQX: BNKL) is a pioneering medical device and robotics company with a focus in developing technologies and solutions for individuals with neurological disorders. The Bionik team has researched, developed and tested its primary product, The ARKE™, a robotic lower-body exoskeleton device designed to allow paraplegics as well as other wheelchair users the ability to rehabilitate through walking and other motion. Bionik recently successfully raised approximately US$13.1 million which enables the company to advance its development and growth strategy. For more information, please visit www.bioniklabs.com and connect with the Company on Twitter, LinkedIn, Facebook, and Google+.
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, (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 and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) 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 over. 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, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bionik-laboratories-to-utilize-machine-learning-and-analytics-to-improve-neurological-rehabilitation-300212497.html
SOURCE Bionik Laboratories Corp.
Released February 1, 2016