NEWBURGH, NY, USA and LIVINGSTON, Scotland, May 15 /PRNewswire/ - Touch Bionics, developer of the i-LIMB Hand, the world’s first commercially available, multi-articulating bionic hand, today announced that it has acquired the complete operations of LIVINGSKIN, the developer of the unique and lifelike prosthetic skin that Touch Bionics supplies with its ground-breaking product. The acquisition will allow Touch Bionics to fulfill growing customer demand from across the world, while applying its commercial and technical expertise into new cosmesis solutions for multi-articulating hands and digits.
In addition, the acquisition of LIVINGSKIN’s operations (Aesthetic Concerns Prosthetics, Inc.) provides Touch Bionics with an established physical presence in North America from which to build on the rapid growth that it has already experienced in the region. In the U.S. alone, over 180 patients have already been fitted with the i-LIMB Hand. Touch Bionics’ U.S. facility will house, production, technical support, inventory and administration to directly support its growing North American customer base.
Prosthetic and Orthotic Associates, the clinical company previously associated with LIVINGSKIN, is not included in the acquisition and continues to operate independently of the newly combined business.
“This acquisition is hugely significant for Touch Bionics as we are acquiring further technical and competitive advantage in the prosthetics market,” said Stuart Mead, Touch Bionics CEO. “LIVINGKSIN provides the world’s most advanced cosmesis for upper limb prosthetics and the i-LIMB Hand is the world’s most advanced upper limb device. It’s a perfect match. The acquisition of LIVINGSKIN provides us with the people, skills and facilities to secure and grow our U.S. operations and global cosmesis supply.”
Representing the forefront of research and development in this area, LIVINGSKIN’s products resemble human skin by simulating the three dermal layers of natural human skin. The company already supplies many of the world’s leading clinics with its high-definition custom cosmesis covering and silicone restoration products, and will continue to do so.
“We have been working in close partnership with Touch Bionics for some time now, and the acquisition is a natural progression of that partnership,” said Tom Passero, LIVINGSKIN president. “As part of Touch Bionics, our future is both secure and exciting. We are committed to maintaining the same level of top-quality service to our customers and partners across the world while working with the Touch Bionics team to innovate cosmesis options for users.”
To finance the deal and provide further U.S. expansion funding, Touch Bionics raised additional capital through existing investors, Archangel Informal Investment, TriCap and Scottish Enterprise’s Co-investment fund.
“Touch Bionics is one of the most exciting technology companies to emerge from the U.K. in recent years and we are delighted to support its growth,” said John Waddell, chief executive of Archangels. “The acquisition of a leading U.S. development company in order to grow a vital area of Touch Bionics’ business, and firmly establish its U.S. presence reflects the success and confidence that permeates the company.”
Touch Bionics has seen a 10-fold increase in headcount over the last year and has now hired Mark Ford, formerly a director of OMEGA Tracer, a division of Ohio Willow Wood, to run Touch Bionics’ U.S. sales and marketing operations.
“Mark is a great addition to our senior management team and his U.S. market experience will help us greatly in securing wider relationships with the North American O&P community,” said Stuart Mead. “Our growth has been phenomenal and Mark’s expertise will prove invaluable as our company matures and expands.”
About Touch Bionics
Touch Bionics is a leading developer of advanced upper-limb prosthetics. In 2007, Touch Bionics brought to market the i-LIMB Hand, a first-to-market prosthetic device with five individually powered articulating digits. The company continues to develop leading-edge technologies for the treatment of patients with upper-limb deficiencies. For more information, visit www.touchbionics.com
About LIVINGSKIN
LIVINGSKIN makes prostheses for people with finger, hand, toe, foot and facial amputations as well as custom covers for arm and leg amputations. Every device is custom painted to match the features that are unique to each patient. With LIVINGSKIN, patients receive the most realistic aesthetic restoration available.
LIVINGSKIN has facilities in Atlanta, Boston, Chicago, Los Angeles, New York, Philadelphia and Toronto and also partners with local and regional facilities throughout North America to offer its services to patients. For more information, visit www.livingskin.com.
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