TORONTO & BOSTON--(BUSINESS WIRE)--BIONIK Laboratories Corp. (OTCQB:BNKL) ("BIONIK"), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today announced it has received regulatory approval in South Korea, and that its exclusive distributor Curexo secured the first sale for BIONIK’s InMotion® robotic technology in the country, out of Curexo’s existing inventory.
BIONIK received notice of regulatory approval for its InMotion® ARM from the South Korean Ministry of Food and Drug Safety on January 08, 2020, representing a significant step toward the penetration of Asian markets for the company. Just days later, Curexo, a recognized leader in medical device distribution and BIONIK’s exclusive distribution partner in South Korea, received its first purchase order for an InMotion® ARM system from SeoSong Rehabilitation Hospital, a new university rehabilitation nursing hospital expected to open on March 1, 2020. Both the regulatory approval and purchase order were led by Curexo.
“We are excited to implement BIONIK’s InMotion® ARM robots into our patient treatment programs upon the hospital’s grand opening, as we believe it will enhance our patient outcomes and quality of care,” said Dr. Hong Yong Kim, Head Medical Doctor, SeoSong Rehabilitation Hospital. “BIONIK’s InMotion® ARM robotics was the optimal choice for us as we seek to offer the most innovative stroke recovery care available to the market. We look forward to a long and successful relationship.”
In South Korea, nearly 105,000 people experience a stroke event each year, and more than 7% of the population aged 75 and above are patients with stroke. Direct costs of stroke in South Korea are estimated to be approximately 1.68 trillion KRW.
“We are thrilled to receive approval from the Ministry of Food and Drug Safety for our InMotion® ARM robotic systems. This entry into the South Korean market is significant for our Company as we continue to seek penetration throughout Asia, where we believe robotic technologies are more readily adopted,” said Dr. Eric Dusseux, CEO, BIONIK. “To have our distributor Curexo receiving a first purchase order so quickly is equally exciting and showcases the appetite South Korean healthcare facilities have for innovative technologies that can enhance patient outcomes. We look forward to working with SeoSong Hospital to enhance patient care for those recovering from stroke.”
Curexo is a manufacturer and importer of surgical and medical robots in South Korea, whose largest shareholders are Korea Yakult Corp. and Hyundai Heavy Industries. Its exclusive distribution agreement with BIONIK, first signed in 2018, gives it exclusive rights to sell and market InMotion® robotic systems in South Korea.
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 three products in varying stages of development.
For more information, please visit www.BIONIKlabs.com and connect with us on Twitter, LinkedIn, and Facebook.
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