CAMBRIDGE, Mass.--(BUSINESS WIRE)--Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company that offers increased functionality for those suffering from neurological disorders and upper limb paralysis, announced today that its Orthotics and Prosthetics (O&P) distribution partners in Germany and Denmark have successfully obtained their first reimbursement decisions by insurance payers for the MyoPro orthosis. In addition, these O&P providers, along with other certified firms in the UK and Italy, have a growing number of MyoPro units in the reimbursement process.
Jon Naft, Myomo Vice President and General Manager-International, stated “We are pleased that our expanded distribution network is beginning to place orders for the MyoPro braces for their patients and now have a growing number of MyoPro units from international markets in our reimbursement pipeline. Over the past six months, we have recruited and trained O&P clinicians in several EU markets, and like their counterparts in the US, they are hosting patient screening days to evaluate patients, filing the necessary insurance documentation, and obtaining payment approvals to supply the MyoPro to individuals who have been left with paralyzed arms and hands. We look forward to addressing the large medical need in Europe with these partners.” As a result these efforts, O&P providers in these countries now have approximately 20 MyoPro units in the reimbursement process, representing a potential revenue opportunity of more than $500,000.
Myomo, Inc. is a wearable 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 support the arm and 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. and representatives internationally. 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 include, but are not limited to, our potential future business in Asia. 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, our ability to secure and maintain reimbursement for our products, our ability to obtain additional funding to sustain and grow our business, 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 business and 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.