BIONIK Laboratories Announces Commercial Team Addition With Newly Hired Regional Sales Director, Tony Bellofatto

Rhea-AI Summary

BIONIK Laboratories Corp. (OTCQB: BNKL) announced the appointment of Tony Bellofatto as Regional Sales Director, focusing on increasing rehabilitation technology access for stroke patients in the U.S. 'Stroke Belt.' Bellofatto brings over 15 years of experience in medical device sales, enhancing BIONIK's commitment to areas with higher stroke incidence, including Georgia, North Carolina, and South Carolina. The company's InMotion Robots aid in rehabilitation by significantly increasing movement repetitions, thus improving stroke recovery outcomes.

Positive

• Appointment of Tony Bellofatto as Regional Sales Director is likely to enhance sales and partnerships.
• Focus on the 'Stroke Belt' regions may increase market penetration and revenue opportunities.
• BIONIK's InMotion Robots can achieve 600-1,000 movements per hour, drastically improving rehabilitation efficiency.

Negative

• None.

Company Placing Renewed Emphasis on the Country’s ‘Stroke Belt’, Increasing its Commitment to Address the Growing Needs of Stroke Patients

TORONTO & BOSTON--(BUSINESS WIRE)-- 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 the hiring of a new Regional Sales Director, Tony Bellofatto.

Bellofatto is an award-winning Medical Device Sales Representative and Regional Director. He has more than 15 years of experience in orthopedic and neurological rehabilitation sales, serving in high-level positions at leading medical device companies such as DJO Global, ReWalk Robotic, and Sentinel Spine. In addition to his work in the medical device field, Tony has also served as a U.S. Olympic Strength Coach.

“I’m thrilled to join BIONIK to bring their life-changing technologies to more stroke patients across the country,” said Tony Bellofatto, Regional Sales Director at BIONIK. “My career has always placed an emphasis on the care of others, and BIONIK continues to transform the neurorecovery journey for patients around the globe. I’m ready to join the Company in its mission to drive positive patient outcomes.”

Bellofatto will drive the Company’s renewed commitment to serving the areas across the country with a higher incidence of stroke - those in the nation’s ‘Stroke Belt’, a collection of states recognized by public health officials for having a higher incidence of stroke within its population. The states in which BIONIK seeks to identify new partnerships include Georgia, North Carolina, South Carolina, Tennessee, Louisiana, Alabama, and Arkansas. These states are where Americans are 34% more likely to suffer a stroke, according to Stroke, an AHA Journal. Extending beyond these Southeastern states, BIONIK will also look further south and west at Texas, Oklahoma, Missouri, Kansas, Colorado, New Mexico and Florida.

“BIONIK welcomes Tony Bellofatto to our team to lead efforts to bring our InMotion Robotic Therapy Systems to the very regions of the U.S. which we believe could most benefit from its advanced technology, that is backed by twenty five years of research and more than 150 independent peer-reviewed publications,” said Richard Russo, Jr., Chief Financial Officer and interim Chief Executive Officer of BIONIK. “Tony’s deep experience within the medical device and medical technology industries positions him well to take on this initiative, and we’re excited to have him lead these efforts.”

BIONIK’s fleet of InMotion^® Robots for rehabilitation following stroke and other neurological conditions help patients to regain arm and hand movement by training shoulder protraction/retraction, flexion/extension, abduction/adduction, internal/external rotation, elbow flexion/extension and hand grasp/release. Where a conventional therapy session will accomplish 30-60 movements in one hour, BIONIK’s InMotion devices can achieve 600 - 1,000 movements per hour with the supervision of a therapist. Each movement is recorded to allow the therapist to see even the smallest improvement that may be invisible to the human eye. The increase in the quality and quantity of movements completed during a physical therapy session on the InMotion Robots helps to build neuroplasticity, allowing stroke patients to regain lost motor functions.

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 two products in varying stages of development.

For more information, please visit www.BIONIKlabs.com and connect with us on Twitter, LinkedIn, 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," “possible,” "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 robotic rehabilitation products and other Company 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 impact on the Company’s business as a result of the Covid-19 pandemic, the Company’s continued going concern qualification, 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, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005378/en/

Media:

Ashley Willis

FischTank PR

ashley@fischtankpr.com

Investor Relations:

Stephanie Prince

PCG Advisory

sprince@pcgadvisory.com

646.863.6341

Source: BIONIK Laboratories Corp.

FAQ

What is BIONIK Laboratories Corp. focused on?

BIONIK Laboratories Corp. focuses on providing rehabilitation and assistive technology solutions for individuals with neurological and mobility challenges.

Who was appointed as the Regional Sales Director for BIONIK?

Tony Bellofatto was appointed as the Regional Sales Director for BIONIK Laboratories Corp.

What regions is BIONIK targeting for stroke rehabilitation?

BIONIK is focusing on the 'Stroke Belt' regions, including states like Georgia, North Carolina, and South Carolina, where stroke incidence is higher.

How do BIONIK's InMotion Robots improve rehabilitation?

BIONIK’s InMotion Robots can perform 600-1,000 movements per hour, significantly enhancing the quantity and quality of rehabilitation efforts for stroke patients.