RICHMOND, Calif., Jan. 22, 2015 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (OTCQB:EKSO), a robotic exoskeleton company, announced that their leading work on the first phase of the TALOS project resulted in a grant to expand their involvement into the second phase of the project. United States Special Operation Command (SOCOM) announced last year that it was working to create a wearable uniform, which provides superhuman capabilities with superior mobility and protection, for their Special Operations Forces. This project involves four phases, with the second phase to be delivered in the latter part of 2015. With the second phase of the project, this contract marks over $35 million in total third party funded development work done by the Ekso Bionics engineering team.
"We are honored and excited to continue to play such an integral role in the TALOS project for SOCOM," says President of Ekso Labs and Co-founder of Ekso Bionics, Russ Angold. "Building on the success of our first phase, we are doubling our efforts this year to accelerate the development of an advanced exoskeleton that will deliver super human capabilities to SOCOM. In addition to working with world-class partners, our ten-year history of exoskeleton development is a huge advantage on a fast paced project like TALOS. Not only can we leverage our extensive IP portfolio, built in large part by similar projects, but we have a diverse knowledge base from developing exoskeletons for medical, industrial, and military applications, which allows us to quickly push the technology to the next level."
Some elements of the suit's development are more complicated than others; the role that Ekso Bionics has been tasked with is among the most difficult — to create a light, strong exoskeleton with a full range of motion. To address this challenge, Ekso Bionics has teamed with Stanford University's OpenSim, a state-of-the-art simulation software network, and the Robotics Program at SRI International, a leading research center with a history of developing world-changing innovations. SRI's cross-disciplinary team offers advanced manipulation solutions and component technologies at the forefront of robotics R&D and has played a critical role in developing companies such as Intuitive Surgical®.
"This is an important challenge that can improve user mobility and protection," says Rich Mahoney, Director, SRI Robotics. "We are excited to team with Ekso Bionics and eager to share our expertise and technical capabilities to create a new generation of high-performance exoskeletons."
Ekso Bionics designs, develops, and commercializes exoskeletons, or wearable robots, which have a variety of applications in the medical, military, industrial, and consumer markets. Exoskeletons are ready-to-wear, battery-powered robots that are strapped over the user's clothing, enabling individuals to achieve mobility, strength, and endurance not otherwise possible.
Ekso Bionics' lead product, EksoTM, is a wearable bionics suit that enables individuals with any amount of lower extremity weakness to stand up and walk over ground. Ekso Bionics is forging a new frontier in rehabilitation for people living with the consequences of stroke, spinal cord injury, and other neurological conditions affecting gait.
About SRI International
SRI International is a leader in research and development whose innovations have created new industries, extraordinary marketplace value and lasting benefits to society. SRI Robotics provides new component technologies for robotics and automation, and is a leading developer of robot platforms for medical, manufacturing, and healthcare markets.
About Ekso Bionics (OTCQB:EKSO)
Since 2005, Ekso Bionics (http://www.eksobionics.com) has been pioneering the field of robotic exoskeletons, or wearable robots, to augment human strength, endurance and mobility. The company's first commercially available product called Ekso has helped thousands of people living with paralysis take millions of steps not otherwise possible. By designing and creating some of the most forward-thinking and innovative solutions for people looking to augment human capabilities, Ekso Bionics is helping people rethink current physical limitations and achieve the remarkable.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of human exoskeletons, (ii) a projection of financial results, financial condition, capital expenditures, capital structure or other financial items, (iii) the Company's future financial performance and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain adequate financing to fund the Company's operations and necessary to develop or enhance our technology, the significant length of time and resources associated with the development of the Company's products, the Company's failure to achieve broad market acceptance of the Company's products, the failure of our sales and marketing organization or partners to market our products effectively, adverse results in future clinical studies of the Company's medical device products, the failure to obtain or maintain patent protection for the Company's technology, failure to obtain or maintain regulatory approval to market the Company's medical devices, lack of product diversification, existing or increased competition, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. To learn more about Ekso Bionics please visit us at www.eksobionics.com. The Company does not undertake to update these forward-looking statements.
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