CAMBRIDGE, Mass.--(BUSINESS WIRE)--Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a commercial stage medical robotics company, and the Massachusetts Life Sciences Center (MLSC) today celebrated Myomo’s repayment of a $750,000 accelerator loan provided by the MLSC in 2011. Myomo completed repayment of the loan, which totaled $1,350,618 with interest, on December 13, 2017. Myomo Chairman and CEO Paul R. Gudonis presented a ceremonial check to Travis McCready, President and CEO of MLSC, during a ceremony at Myomo’s headquarters in the Cambridge Innovation Center.
Myomo develops and markets the MyoPro line of powered orthoses. MyoPro, a myoelectric arm orthosis (powered brace), is the only lightweight wearable device on the market that can help restore substantial functionality in the paralyzed or weakened arms and hands of individuals who have suffered brachial plexus injury (BPI), brain or spinal cord injury, stroke, multiple sclerosis or ALS.
“The accelerator loan from the MLSC enabled us to enhance our ability to deliver a life-changing device to the patients who need it most,” said Gudonis. “It also helped us achieve certain key milestones which ultimately attracted significant private and public investments in the company. This has allowed us to provide career opportunities to more Massachusetts residents, as well as to support several Massachusetts vendors in marketing, manufacturing and other support services.”
Since entering into the loan agreement, Myomo has introduced new products to greatly expand its distribution, significantly grown revenue and completed an initial public offering in June 2017, becoming the first company to go public on the New York Stock Exchange American under the SEC JOBS Act Regulation A+.
“Our Accelerator Loan Program is designed to support early-stage local companies with a vision,” said McCready. “Congratulations to Paul and the team of innovators at Myomo who are empowering individuals to lead a more fulfilling life, despite limited mobility in their hands or arms. We’re thrilled that the MLSC has contributed to the company’s incredible growth.”
Based on patented technology developed at MIT, MyoPro senses a patient’s own EMG signals through non-invasive sensors and restores function to the paralyzed or weakened arm. This allows MyoPro users to perform activities of daily living including feeding themselves, carrying objects and doing household tasks. Many patients are even 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. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to 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 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. Our actual results could differ materially from those anticipated in these forward looking statements for many reasons, including, without limitation, risks related to regulatory approval and market acceptance of our products, and the other risk factors contained in our filings made with the Securities and Exchange Commission. More information about factors that potentially could affect Myomo's financial results is 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.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is an investment agency that supports life sciences innovation, research, development and commercialization. The strategic investments create jobs and support advances that improve health and well-being. The MLSC offers the nation’s most comprehensive set of incentives and collaborative programs targeted to support and enhance the life sciences ecosystem. These programs propel the growth that has made Massachusetts the global leader in life sciences. The MLSC creates new models for collaboration and partners with organizations, both public and private, around the world to promote innovation in the life sciences. For more information, visit www.masslifesciences.com.