BOSTON--(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, today announced Techniker Krankenkasse (TK), Germany's largest Statutory Health Insurance (SHI) company, now approves reimbursement of MyoPro on a case-by-case basis. TK covers over 10 Million insured lives and joins the ranks of other major German health insurance providers including BARMER, IKK Classic, regional AOK insurances and several BKK insurances which collectively cover 28 million German lives and have now approved funding for MyoPro.
About 90% of the German population is covered by a SHI provider.
In addition, one of the largest private health insurers in Germany, Allianz, has now authorized MyoPro. Private insurance covers approximately 9% of the population.
Myomo Managing Director for Europe, John Frijters, stated, “Many of the users who have received a MyoPro through German insurance have suffered loss of hand and arm function as a result of a stroke, brachial plexus injury or a spinal cord injury. Receiving a MyoPro as a result of these insurance decisions changes their lives.”
In Germany, MyoPro is delivered through a growing network of Orthotic and Prosthetic (O&P) clinics across the country. As of now, 35 such facilities serve and support MyoPro users.
Paul R. Gudonis, Myomo CEO, said, “Our progress in Germany, even though now constrained by COVID lockdowns, show us that there is strong and broad demand for MyoPro. Coupled with our recently announced joint venture in China, we seek to become the global standard of care for those with paralyzed or weakened arms.”
This announcement coincides with the introduction of a new website for Myomo in German language. It can be found at www.myomo.de.
Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function 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, including benefits expected from insurance coverage in Germany and our activities in Germany, Australia and China, 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.
These factors include, among other things:
- our sales and commercialization efforts;
- our ability to achieve reimbursement from third-party payers for our products;
- our dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven;
- our ability to effectively execute our business plan and scale up our operations;
- our expectations as to our development programs; and
- general market, economic, environmental and social factors, including the ongoing COVID-19 pandemic, that may affect the evaluation, fitting, delivery and sale of our products to patients.
More information about these and other factors that potentially could affect our financial results is included in Myomo’s filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material and adverse. 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.