Medical device and robotics company Bionik Labs said today that it raised $1.4 million in a private placement for its Arke, a robotic lower body exoskeleton ,to close a $13.1 million round initiated in February.
The funds are slated to cover costs associated with development of the Arke as well as general corporate services, the Toronto, Canada-based company said.
“The close of this final round of our capital raise initiative is a significant milestone for the company and allows us to advance our strategic plans with a healthy balance sheet. This successful financing along with our achievement earlier this year of becoming a publicly traded company, enables us to access the capital markets, and importantly, makes it possible to rapidly advance our product development and growth strategy,” CEO Peter Bloch said in a press release.
Bionik Labs Arke exoskeleton is designed to help paraplegics and other impaired individuals stand up, walk and rehabilitate in a “more effective way than current manual rehabilitation methods,” the company said.