Myomo, Inc. (NYSE American: MYO) ("Myomo" or the "Company"), a wearable medical robotics company that provides enhanced functionality for people with neurological disorders and upper limb paralysis, today announced the closing of its previously announced public offering of 7,333,334 shares of its common stock (or common stock equivalents in lieu thereof) at a public offering price of $0.60 per Share for aggregate gross proceeds of approximately 4.4 million $, before deducting placement fees and other expenses.
The Company intends to use the net proceeds from the offering for general corporate purposes, which may include working capital and capital expenditures, research and development expenses, and sales and marketing activities. If the Centers for Medicare and Medicaid Services finalizes the Company's brace classification and releases a fee in connection with the next public meeting, which is expected to be held before the end of the year, the proceeds will also be used to fund an increase in the Company's workforce to serve a greater number of patients and to purchase additional inventory to ramp up operations.
Members of management, affiliated investors and certain high quality healthcare-focused investors participated in the offering.
A.G.P./Alliance Global Partners acted as sole placement agent for the offering.
The securities described above were offered pursuant to an effective registration statement on Form S-3 (File No. 333-256159) previously filed with the U.S. Securities and Exchange Commission (the "SEC"). The offering was made only by means of a prospectus supplement and an accompanying base prospectus. A final prospectus supplement and accompanying prospectus describing the terms of the offering have been filed with the SEC and are available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus supplement may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060 or by e-mail at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Myomo, Inc.
Myomo, Inc. is a wearable medical robotics company that provides enhanced arm and hand function for people suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a motorized upper extremity orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from cardiovascular stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only device on the market that can capture a patient's own EMG signals through non-invasive sensors on the arm, restoring a person's ability to perform activities of daily living, including self-feeding, carrying objects and completing household tasks. Many are able to return to work, live independently and reduce their care costs. Myomo is headquartered in Boston, Massachusetts, and maintains sales and clinical professionals in the U.S. as well as international representation. For more information, visit www.myomo.com.
Forward-looking statements
This press release contains forward-looking statements regarding the Company's future business expectations, including the expected use of proceeds from this offering, which is subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and could differ materially from actual results due to a variety of factors.
These factors include:
- We have incurred operating losses in the past, and our financial statements for the period ended June 30, 2023 contain disclosures that raise substantial doubt about our ability to continue as a going concern;
- Our ability to obtain third-party payer reimbursement for our products, including CMS for Medicare Part B patients;
- our ability to continue to serve patients with Medicare Advantage insurance plans CMS does not cover the MyoPro;
- our revenue concentration with a particular insurance payer as a result of focusing our efforts on patients with insurers that previously reimbursed for the MyoPro;
- Our ability to continue normal operations and patient interaction without supply chain disruption to deliver and install our custom device;
- our marketing and commercialization efforts;
- our reliance on external sources to fund our operations to the extent that we do not achieve or maintain cash flow;
- our ability to effectively execute our business plan and scale our operations;
- Our expectations for our product development programs and;
- general market, economic, environmental and social factors that may affect the evaluation, customization, delivery and sale of our products to patients.
Additional information about these and other factors that could potentially 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 such forward-looking statements, which speak only as of the date hereof. Although the forward-looking statements in this press release of financial information are based on our beliefs, assumptions and expectations, we cannot guarantee future transactions, results, performance, achievements or outcomes, taking into account all information currently available to us. No assurances can be given to any investor that the expectations reflected in our forward-looking statements will be realized or that any deviation therefrom will not be material and adverse. The Company disclaims any obligation to revise any forward-looking statements to reflect events or circumstances after the date of such statements or the occurrence of anticipated or unanticipated events.
Source: Myomo announces completion of $4.4 million public offering | Business Wire
Contacts
For Myomo:
[email protected]
