CAMBRIDGE, Mass., March 15, 2017 /PRNewswire/ -- Myomo, Inc., a commercial stage medical robotics Company, today announced a Regulation A+ initial public offering that allows any investor the opportunity to invest in the Company's vision for expanded mobility for those suffering from neurological disorders and upper limb paralysis. Myomo's non-invasive technology, exclusively licensed from Massachusetts Institute of Technology, restores a patient's ability to use their partially paralyzed or weakened arms and hands again so that they can return to work, live independently and reduce their cost of care.
Myomo is seeking to become the first Company to launch a Regulation A+ IPO with listing on the New York Stock Exchange MKT (NYSE MKT). TriPoint Global Equities, LLC, working with its online division BANQ® (www.banq.co), will act as the lead managing selling agent and bookrunner for the offering. Myomo intends to use the proceeds from the offering to fund sales and marketing, product development, repayment of debt, and for working capital and other general corporate purposes.
"We are very excited to share our vision of restoring upper limb mobility to millions of Americans and others worldwide with a broad set of individual investors that now have the opportunity to invest in our Company, alongside accredited investors and institutions, to acquire shares at the initial offering price," said Paul R. Gudonis, CEO of Myomo. "While a traditional public offering is generally reserved for large institutions and the Wall Street elite to invest at this stage, we are taking advantage of new SEC regulations to level the playing field for all investors to participate concurrently in our IPO."
"I am thrilled that Myomo is planning to become the first Company to ever bring a Regulation A+ offering to the NYSE MKT," said Mark Elenowitz, CEO of TriPoint. "It has been 84 years since the Securities Act of 1933 was enacted, but with the Title IV of the Jumpstart Our Business Startups (JOBS) Act, Myomo leads us into exciting new territory where Main Street meets Wall Street."
Myomo Allows Patients to Regain Essential Mobility
Myomo's core technology was originally developed at the Massachusetts Institute of Technology (MIT) in collaboration with medical experts affiliated with Harvard Medical School. In 2006, the Company was spun out from MIT and became the exclusive licensee of two patents owned by MIT that are behind the myoelectric technology. Since then, Myomo has launched three generations of its technology and expanded its patent portfolio. The latest generation MyoPro® custom-fabricated orthosis is specified for each patient and easily donned by the patient to perform everyday functional tasks at home or at work.
The MyoPro is a myoelectric arm orthosis designed to support a weak arm. It can enable individuals to self-initiate and control movements of a partially paralyzed or weakened arm and hand using their own muscle signals. When the user tries to bend their arm, sensors in the MyoPro brace detect the weak muscle signal, which activates the motor to move the arm in the desired direction. The user is completely controlling their own arm and hand; the brace amplifies their weak muscle signal to help bend and move their arm. With the orthosis, a paralyzed individual, such as one who has suffered a brachial plexus injury, stroke or other neuromuscular disorder, can perform activities of daily living including feeding themselves, carrying objects, and doing household tasks.
Due to the large number of strokes, spinal cord injuries, and other neurological conditions which occur each year, the potential market opportunity worldwide may consist of millions of individuals and is growing each year.
The Opportunity to Invest in Myomo
Myomo has previously raised more than $20 million from management, individual investors with healthcare and high-technology experience, and Mountain Group Capital. The Company seeks to raise up to $15 million in its IPO under Regulation A+ and then, in succession and subject to NYSE requirements, be listed on the NYSE MKT as "MYO." Individuals interested in learning more about the Myomo Regulation A+ investment opportunity can visit banq.co/listings/myomo.
About Myomo, Inc.
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, Harvard Medical School, and by 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.
Myomo Inc.'s offering statement for its initial public offering under Regulation A has been qualified by the Securities and Exchange Commission. The securities offered by Myomo Inc. are highly speculative. Investing in shares of Myomo Inc. involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Furthermore, investors must understand that such investment could be illiquid for an indefinite period of time. No public market currently exists for the securities, and if a public market develops following the offering, it may not continue. To obtain a copy of the Offering Circular, go to https://www.sec.gov/Archives/edgar/data/1369290/000121390017001690/f1a2016a2_myomoinc.htm or click here to download directly.
This release may contain forward-looking statements regarding projected business performance, operating results, financial condition and other aspects of the Company, expressed by such language as "expected," "anticipated," "projected" and "forecasted." Please be advised that such statements are estimates only and there is no assurance that the results stated or implied by forward-looking statements will actually be realized by the Company. Forward-looking statements may be based on management assumptions that prove to be wrong. The Company and its business are subject to substantial risks and potential events beyond its control that would cause material differences between predicted results and actual results, including the Company incurring operating losses and experiencing unexpected material adverse events.
SOURCE Myomo, Inc.