CAMBRIDGE, Mass.--(BUSINESS WIRE)--Myomo, Inc. (“Myomo” or the “Company”), a commercial stage medical robotics company, today announced the completion of its initial public offering (IPO) under SEC Regulation A+, raising $5.0 Million through the sale of 665,498 shares of its common stock at a price to the public of $7.50 per share. The Company also closed on a simultaneous private sale of investment units comprised of restricted securities to accredited investors, majority of whom are early investors in Myomo, for total proceeds of $2.9 Million. The combined capital raised is $7.9 Million.
Myomo’s common stock is expected to begin trading on the New York Stock Exchange (“NYSE”) MKT on June 12, 2017, under the symbol “MYO” and is the first Regulation A+ issuer to list its securities on a national exchange. TriPoint Global Equities, LLC, working with its online division BANQ® (www.banq.co), was the lead managing selling agent and bookrunner for the offering. CrowdfundX was the digital marketing agency of record.
“I am very pleased that we have completed a successful IPO and listing on the NYSE MKT, a first under Jumpstart Our Business Startups (JOBS) Act Regulation A+. The proceeds raised provide Myomo with the resources to continue to invest in the MyoPro® product line, as well as increase our sales and marketing efforts to grow our business domestically and internationally,” said Paul R. Gudonis, Chairman and CEO of Myomo.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.
Myomo Allows Patients to Regain Essential Mobility
Myomo produces the MyoPro®, a myoelectric arm orthosis (powered brace) that is the only lightweight wearable device that can restore function in the paralyzed or weakened arms and hands of individuals who have suffered a stroke, spinal cord or nerve injury, or other neuromuscular disability. With the orthosis, a paralyzed individual can perform activities of daily living including feeding themselves, carrying objects, and doing household tasks and many are able to return to work.
Myomo, Inc. is a commercial stage medical robotics Company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis. Based on patented technology developed at MIT and the Company, Myomo develops and markets the MyoPro® product line of lightweight, non-invasive, powered arm braces to restore function in the paralyzed or weakened arms and hands of individuals that have suffered a stroke, spinal cord or nerve injury such as brachial plexus injury, or other neuromuscular disability such as amyotrophic lateral sclerosis (ALS) or multiple sclerosis (MS). It is provided through clinical relationships with VA medical centers, leading rehabilitation hospitals, and Orthotics and Prosthetics (“O&P”) practices. Several hundred have been successfully used by patients. It is the only device that, sensing a patient’s own neurological signals through non-invasive sensors on the arm, can restore their ability to use their arms and hands so that they can return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S. For more information, please visit www.myomo.com.
Forward Looking Statements
This press release contains forward-looking statements regarding the trading of the Company’s common stock on the NYSE, the Company’s plans for the use of proceeds and advancing its product line, increasing its sales and marketing efforts and growing its business, and the Company's future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. Other risks and uncertainties include, among others, risks related to the Company’s liquidity and financial position, the trading of its common stock, its new products, services, and technologies, government regulation and taxation, and fraud. More information about factors that potentially could affect Myomo's business and financial results are included in Myomo's filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.