Transaction terms include the assumption of all of IMT’s liabilities. As well, IMT shareholders will receive up to an aggregate of 23,650,000 shares of Bionik’s common stock.
Also effective immediately, according to a media release from Bionik, Jules Fried, IMT’s CEO, has been 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, has been appointed chief science officer of the company.
In addition, Neville Hogan, PhD, Sun Jae Professor of Mechanical Engineering and Professor of Brain and Cognitive Sciences at the Massachusetts Institute of Technology (“MIT”), a member of IMT’s board of directors, has assumed an advisory role to the Bionik team.
Bionik will also maintain IMT’s US office based in Boston, per the release.
For more information, visit Bionik Laboratories Corp.
[Source(s): Bionik Laboratories Corp, PR Newswire]