Investment from strategic partners Hanger Ventures LLC and Thuasne USA and Viscogliosi Brothers Watermark will support Bionic Power’s ongoing commercialization and development of its smart orthosis medical device.
VANCOUVER, BRITISH COLUMBIA. October 24 2024 – Bionic Power Inc. (“Bionic Power” or the “Company”), a leader in wearable medical technology, is pleased to announce the second closing of its offering of Series A Preferred shares (“Series A Shares”) at a price of CAD$0.2692 per Series A Share (the “Series A Investment Round”) – resulting in aggregate gross proceeds from the first and second closing of the Series A Investment Round of approximately CAD$5 million (including in cash and in-kind consideration, collectively, the “Series A Investment”). The investment will support Bionic Power to expand its market presence and advance the commercialization of its lower-body smart orthotic devices, designed to improve personal mobility and walking abilities in children and adults with neuromuscular diseases and conditions.
The Series A Investment Round began in July 2024 with an initial investment from Hanger Ventures, LLC (“Hanger”) that closed on July 16, 2024, and was recently followed by subsequent investments from Thuasne North America, Inc. (“Thuasne”) and venture-capital firm, Viscogliosi Brothers Watermark Holdings LLC (“VBW”), which closed on October 16, 2024.
“We are thrilled to advance our Series A Investment with such strong strategic partners and look forward to strengthening our relationship with Thuasne as we continue our commercial expansion and product development efforts,” said Gualtiero Guadagni, President and CEO of Bionic Power Inc. “Investment in Bionic Power by organizations like Thuasne and Hanger Inc. validates and supports our product and business case and reinforces the Company’s commitment to improving mobility for those who need it most.”
Bionic Power is a privately held company that has developed and holds IP rights on wearable technology that addresses the rapidly growing market for mobility assistance in patients with knee pathologies. The company’s Agilik™ smart orthosis device targets patients with crouch gait (due to various conditions such as cerebral palsy, spina bifida, muscular dystrophy and other knee-extension-deficiency disorders) or hemiparesis due to stroke or polio. The company’s technology is built on more than 14 years’ development and field testing with military users around the world, and through close collaboration with institutions including the National Institutes of Health Clinical Center (Bethesda, Maryland, USA), and BC Children’s Hospital (Vancouver, Canada). As part of its Series A Investment, Hanger Ventures is running a longitudinal study with the Agilik in the US and is actively recruiting patients.
“As one of the composite orthotics global leaders, Thuasne is thrilled to put its expertise at the service of such a promising project,” said Delphine Hanton, Thuasne Group CEO.
Elizabeth Ducottet, Thuasne Group Chairman, continues, “This step towards motorized technologies is aligned with Thuasne’s constant search for innovative and efficacy-proven solutions.”
