Otto Bock HealthCare Acquires Neurodan A/S (Denmark)
MINNEAPOLIS, MINNESOTA March 15, 2005- Otto Bock HealthCare GmbH, global leader in the prosthetic and orthotic industry, purchased Neurodan A/S from NOVI A/S, Novo A/S and Dansk Innovationsinvestering P/S, expanding its leading technological position in its field. The purchase was effective March 15, 2005.
Neurodan was founded in 1994 by Dr. Thomas Sinkjær (Director of the Center for Sensory-Motor-Interaction at Aalborg University) and Dr. Morten Haugland, and develops innovative neural implants that aid in rehabilitation and recovery from stroke and other muscle weaknesses.
Otto Bock Health Care, with global headquarters in Duderstadt, Germany, is best known for applying advanced technology in developing prosthetic and orthotic products that enable and improve mobility. Less well known is the company’s strong position in specialized rehabilitation product categories in Europe and Asia where it is a leading supplier of high performance manual and powered wheelchairs, and highly specialized aides for disabled children; and in the U.S. where the recent acquisition of OrthoRehab includes a portfolio of continuous passive motion, orthotic, TENS, and NMES devices. Otto Bock has subsidiaries in 37 countries, and manufacturing operations in the US, Germany, Sweden, Estonia, and China.
Professor Hans Georg Näder, Chairman & CEO of Otto Bock, stated: "With the acquisition of Neurodan, Otto Bock is entering one of the most groundbreaking sectors in the field of medical technology. Thanks to Neurodan's technological innovation in the field of neural implants, the company is the ideal complement for Otto Bock.”
Neural implants are electrodes that can be directly attached to nerves to influence musculoskeletal function, aiding in rehabilitation following damage to the central nervous system from diseases or strokes. Neurodan’s pioneering products ActiGrip and ActiGait (which will soon reach the European market) demonstrate the extraordinary potential of the new implant technology, which until now has not been able to record the received nerve signals.
Otto Bock’s global research and development team will immediately benefit from Neurodon technology through sharing, consolidating and developing its technological know how in the field of electro-stimulation. Neurodan unites leading scientists from the fields of motor nerve stimulation and sensory nerve reception and maintains strong links with the Center for Sensory-Motor-Interaction (SMI) at Aalborg University. Neurodan’s headquarters will remain in Aalborg due to the strong relationship with Aalborg University.
Established in 1958, Minneapolis, Minnesota-based Otto Bock HealthCare is the North and South American corporate headquarters of Otto Bock HealthCare, GmbH, based in Duderstadt, Germany. Otto Bock Americas also focuses on the development and manufacture of prosthetic feet, customized seating, and post-surgical continuous passive motion products. Otto Bock has more than 3,800 employees worldwide and produces over 20,000 types of prosthetic and orthotic components, rehabilitation products and technical plastics.
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