Orthocare Innovations Announces Acquisition of Martin Bionics
March 13, 2008
WASHINGTON, DC, March 13 - Orthocare Innovations, LLC is pleased to announce that it has acquired the assets of Martin Bionics, LLC, a research and development company based in Oklahoma City. The entire Martin Bionics staff will be joining Orthocare Innovations, resulting in the formation of one of the largest independent prosthetic research and development groups in the United States.
"Jay Martin and his group have proven themselves adept at developing creative technologies and products that improve not only the quality of prosthetic devices, but also the quality of life for consumers," commented Orthocare Innovations' CEO Doug McCormack. "We are confident that coupling this ingenuity with our existing research capabilities under the scientific leadership of Chief Technology Officer David Boone, will quickly make Orthocare Innovations a significant catalyst for innovation in the field."
Jay Martin, CP, President of Martin Bionics, who will be joining Orthocare Innovations as Director of its Advanced Systems Group, commented, 'This is a monumental time for our field. The assemblage of many great minds, focused together to tackle major outstanding issues, will have a dramatic effect on the lives of countless orthotics and prosthetics users. I am excited to be joining Orthocare Innovations to accelerate this progress.'
With this acquisition, Orthocare Innovations will assume the Martin Bionics facilities and expand its operations in Oklahoma City. The Oklahoma City facility will be added to Orthocare Innovations existing operations in Seattle and Washington, D.C.
Orthocare Innovations also gains a number of strategic assets through this transaction, including thirteen patents pending in the field of prosthetics and existing research collaborations. These research initiatives include the Defense Research Projects Administrations (DARPA) Revolutionizing Prosthetics program and work with the Oklahoma Center for the Advancement of Science and Technology in conjunction with Oak Ridge National Laboratories.
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