A merger agreement between Toronto-headquartered Bionik Laboratories Corp and Boston-based Interactive Motion Technologies Inc has recently begun.

The transaction is expected to close in April 2016, according to a media release from Bionik.

Once completed, the IMT and Bionik teams will integrate, and Bionik will maintain IMT’s Boston-based office. Jules Fried, IMT’s chief executive officer, is expected to be appointed to Bionik’s management team as VP, US Operations, and Hermano I. Krebs, PhD, MS, IMT’s co-founder and Chairman of the Board, is expected to be appointed the company’s chief science officer. Neville Hogan, PhD, MS, ME, a member of IMT’s Board of Directors, is expected to assume an advisory role to the Bionik team, the release explains.

“The platform combination of IMT and Bionik is expected to build on both companies’ technological strengths and advance our opportunities to further provide solutions and innovative technologies to address the rehabilitation and ambulation process for individuals with neurological disorders living with both upper and lower body mobility challenges,” says Michal Prywata, co-founder and chief operating officer of Bionik, in the release.

Bionik’s products include the ARKE lower-body exoskeleton. Interactive Motion Technologies’ products include the InMotion, ARM, WRIST, HAND, and ANKLE Interactive Therapy Systems.

For more information, visit Bionik Laboratories Corp.

[Source(s): Bionik Laboratories Corp, PR Newswire]