Myomo Completes Repayment of Loan to the Massachusetts Life Sciences Center
25 January 2018 - 12:00AM
Business Wire
Myomo and MLSC celebrate repayment totaling
more than $1.3 million
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.
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Myomo presented the MLSC with a check to
reflect repayment of an accelerator loan. Pictured (left to right):
MyoPro user Jessica Peters; Myomo Senior Controller Shawn Burke;
MLSC Vice President of Finance Cheryl Sadeli; MLSC President and
CEO Travis McCready; Myomo Chairman and CEO Paul Gudonis. (Photo:
Business Wire)
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.
About MyomoMyomo, 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 StatementsThis 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 CenterThe
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180124005266/en/
For Myomo:ir@myomo.comorInvestor Relations:PCG
AdvisoryVivian Cervantes,
212-554-5482vivian@pcgadvisory.comorPublic
Relations:GreenoughRachel Robbins,
617-275-6521rrobbins@greenough.biz
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