Medical device and robotics firm Bionik Laboratories has signed an agreement to acquire the US-based Interactive Motion Technologies (IMT).
As per terms of the deal, IMT shareholders will secure an aggregate of 23,650,000 shares of Bionik’s common stock. The transaction is expected to complete by the end of the next month.
Based in Boston, IMT develops and markets robotic tools, which are used in the treatment of central nervous system disorders.
The company manufactures three upper extremity clinical rehabilitation products, in addition to the lower-body product for research use.
The US Food and Drug Administration (FDA) approved the company’s clinical products, which are currently marketed in around 20 countries.
Bionik Laboratories CEO and chairman Peter Bloch said: "We worked tirelessly throughout 2015 to identify the right opportunities to execute on our growth strategy, and I believe this all-stock transaction will be transformational for Bionik.
"The proposed acquisition of IMT and its innovative medical engineering systems will enable Bionik to significantly expand our technology and product portfolio, enabling the Company to offer a suite of synergistic commercial-stage and development products in the neurorehabilitation field."
The InMotion Arm robot was developed to rehabilitate stroke patients with upper body neurological limitations, while the InMotion Wrist can lift a severely impaired neurologic patient’s hand against gravity.
The InMotion Hand is an add-on option to the InMotion Arm, which provides assist-as-needed grasp and release training with flexible positioning.
In addition, the InMotion Ankle is an exoskeletal robotic system, which is currently being used in multiple clinics for research in the US.