CLEVELAND, Feb. 11, 2013 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has formalized an agreement with Shepherd Center to support the commercialization of Parker's exoskeleton device Indego
™, which is planned for release in 2014. Shepherd Center, based in
Atlanta, Ga., is one of the leading hospitals in
the United States for medical treatment, research and rehabilitation for people with spinal cord injury or brain injury.
Under the general terms of the agreement, Shepherd Center will function as the lead rehabilitation center for clinical testing of the device. Shepherd Center will develop clinical protocols for use of the device, train clinicians at other rehabilitation centers where the device will be used, and monitor clinical trials. Also, the agreement includes collaboration between Parker and Shepherd Center to market the device subsequent to regulatory approval.
"Shepherd Center has a world-class reputation in the field of rehabilitation and we are proud they have chosen to support us in the commercialization of Indego," said
, Vice President of Technology and Innovation for Parker. "Shepherd Center is the only rehabilitation facility to have tested Indego and the two other devices currently being marketed by other companies as exoskeletons."
"We see distinct advantages in Indego, including its lightweight and modular design that promotes independence," said
Gary R. Ulicny
, Ph.D, President and CEO of Shepherd Center. "From a rehabilitation perspective, we applaud Indego's ability to vary the degree of robotic assistance and the use of electrical stimulation based on the user's level of function."
Indego is not yet for sale but is being tested and refined through clinical research at Shepherd Center. Patient and clinician feedback on the device has been overwhelmingly positive, and the Center has concluded that Indego has the most promise as a device for both rehabilitation and home use.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts