Announces licensing agreement with
Canadian R&D company specializing in neuromuscular technology
Bethesda, MD - Hanger Orthopedic Group, Inc. announced today the formation of
a new wholly-owned subsidiary, Innovative Neurotronics, Inc. (IN, Inc.) and the
company's first licensing agreement with BioMotion Ltd., an independent research
and development (R&D) spin-off company created from technologies derived
from the University of Alberta.
Designed as a portal to rapidly introduce emerging neuromuscular technologies
developed at major research centers, universities, or in collaboration with
industry suppliers worldwide, IN, Inc. will specialize in the development and
commercialization of devices that utilize electrical stimulation to improve the
functionality of an impaired extremity.
"The profession's mission has always been to restore the functionality and
mobility of our patients, allowing them to reach their highest levels of
independence," Hanger CEO Ivan R. Sabel said. "As the industry leader, we feel
it's our obligation to use Hanger's clinical expertise and geographic reach to
deploy emerging technologies that achieve that mission. We feel neuromuscular
devices have the potential to better serve a very large portion of the
profession's patient base."
IN, Inc. will draw on the clinical specialization, national reach,
distribution supply chain, and regulatory affairs expertise of its sister
companies, specifically, Hanger Prosthetics & Orthotics, the nation's
largest orthotic and prosthetic (O&P) patient care company, and Southern
Prosthetic Supply (SPS), the world's largest distributor of O&P devices. The
ultimate family of products commercialized by IN, Inc. will be sold exclusively
The intellectual property license agreement between IN, Inc. and
Canadian-based BioMotion Ltd. for a device to better manage ankle dorsiflexion
disorders (a.k.a. foot drop) marks Hanger's first step into the development and
commercialization of a new line of neuromuscular devices.
"I am very excited about the potential of this partnership," Professor of
Physiology and Neuroscience at the University of Alberta and President of
BioMotion Ltd. Richard Stein said. "When you combine the breadth of emerging
products researched and developed at BioMotion with the superior clinical track
record and national presence of Hanger, the possibilities are limitless. Our
skill sets are very complimentary. I look forward to a productive future."
Hanger coined the term Myo-Orthotics"™ technology for IN, Inc. s initial
product line. According to Hanger President and COO Tom Kirk, Myo-Orthotics"™
technology resides in a very unique space between prosthetics and orthotics.
More than simply bracing a limb to improve mobility, neuroscience and
Myo-Orthotics"™ technologies will actually restore the functionality of an
impaired extremity by mimicking and recreating natural nerve-to-muscle response
by way of electrical stimulation.
Kirk also noted, "There is an entire patient population suffering and
recovering from debilitating conditions such as spinal cord injury, stroke,
Parkinson's Disease, etc. A portion of this population will benefit from this
first product and its associated clinical service, which will augment the
bracing treatments currently utilized, such as the ankle foot orthosis. The
prototypes, clinical trials, and regulatory approvals achieved by BioMotion will
be invaluable in bringing this product to our practitioners. It will demonstrate
how IN, Inc. and its Myo-Orthotics"™ technology offer the potential for greater
mobility, functionality, and patient freedom."
About BioMotion Ltd.:
Founded in 1994 as an independent research and development (R&D) spin-off
company created from technologies derived from the University of Alberta,
BioMotion Ltd. is comprised of engineers, scientists, and clinicians dedicated
to testing and developing devices with the potential to restore functionality to
people with neuromuscular disorders.
About Hanger Orthopedic Group, Inc.:
Hanger Orthopedic Group,
Inc., headquartered in Bethesda, Maryland, is the world's premier provider of
orthotic and prosthetic patient care services. Hanger is the market leader in
the United States, owning and operating 618 patient care centers in 45 states
including the District of Columbia, with 3,405 employees including 1,017
practitioners. Hanger is organized into four units. The two key operating units
are patient care which consists of nationwide orthotic and prosthetic practice
centers and distribution which consists of distribution centers managing the
supply chain of orthotic and prosthetic componentry to Hanger and third party
patient care centers. The third is Linkia which is the first and only provider
network management company for the orthotics and prosthetics industry. The
fourth unit, Innovative Neurotronics, introduces emerging neuromuscular
technologies developed through independent research in a collaborative effort
with industry suppliers worldwide. For more information on Innovative
Neurotronics, Inc. visit http://www.ininc.us. For more information on Hanger,
Certain statements included in this press release are forward looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Please refer to the Company's SEC filings for factors that could cause
actual results to differ materially from the Company's expectations.
Contact(s): Jason Owen, 301-986-0701, firstname.lastname@example.org
Media Contact(s): Jennifer
Bittner, 301-280-4869, email@example.com
SOURCE Hanger Orthopedic Group, Inc.
CONTACT: Investor Relations: Jason Owen, +1-301-986-0701,
Media: Jennifer Bittner, +1-301-280-4869,
of Hanger Orthopedic Group