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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 by Hanger.
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, visit http://www.hanger.com.
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.
Investor Relations Contact(s): Jason Owen, 301-986-0701, jowen@hanger.com
Media Contact(s): Jennifer Bittner, 301-280-4869, jbittner@hanger.com
SOURCE Hanger Orthopedic Group, Inc.
CONTACT: Investor Relations: Jason Owen, +1-301-986-0701,
jowen@hanger.com; or Media: Jennifer Bittner, +1-301-280-4869,
jbittner@hanger.com, both of Hanger Orthopedic Group
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