CLEVELAND, Oct. 30, 2012 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has signed an exclusive licensing agreement with Vanderbilt University for its exoskeleton technology, which allows individuals with severe spinal cord injury to walk and enhances rehabilitation for people who have suffered a stroke. The agreement gives Parker exclusive rights to develop, manufacture and sell the device. Parker intends to invest in further development of the technology and establish a business unit targeting commercial launch of the exoskeleton device in 2014.
"This agreement offers Parker an exciting growth opportunity in the area of biomechanics," said Craig Maxwell, Vice President of Technology and Innovation for Parker. "By leveraging our core motion and control technology, we are confident that we can take the company in new and exciting directions while improving the lives of people who experience mobility challenges. Having studied the current state of the art, we believe the technology developed at Vanderbilt is far superior in terms of both design and functional performance. We are embarking on an aggressive development and launch plan to bring what was once thought of as science fiction into the marketplace."
The Parker exoskeleton offers numerous advantages over existing technologies which are being tested in rehabilitation clinics. The exoskeleton is 40-50% lighter than competing devices and provides a modular design that can be assembled and dis-assembled for ease of use and transportation. This device is also smaller, with a slim profile and no bulky backpack components or footplates. A proprietary control interface allows for smooth operation that works in harmony with natural human movement and body position. The Parker Exoskeleton is the only wearable device that incorporates a proven rehabilitation technology called functional electrical stimulation.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts