Myomo Announces Closing of $4.4 Million Public Offering
30 August 2023 - 6:05AM
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 the closing of
its previously announced "reasonable best efforts" public offering
of 7,333,334 shares of 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 agent fees and other offering 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 classification as a brace
and publishes a fee in conjunction 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 additions to the Company’s
headcount in order to service a greater number of patients and to
procure additional inventory to ramp its 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 the sole placement
agent for the offering.
The securities described above were offered pursuant to an
effective shelf 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 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 located 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 email at prospectus@allianceg.com.
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 the 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 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 Boston, 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 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
may differ materially from actual results due to a variety of
factors.
These factors include, among other things:
- We have a history of operating losses and our financial
statements for the period ended June 30, 2023 include disclosures
regarding there being substantial doubt about our ability to
continue as a going concern;
- our ability to achieve reimbursement from third-party payers
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 who have
previously reimbursed for the MyoPro;
- our ability to continue normal operations and patient
interactions without supply chain disruption in order to deliver
and fit our custom-fabricated device;
- our marketing and commercialization efforts;
- 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 product development programs,
and;
- general market, economic, environmental and social factors 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230829763686/en/
For Myomo: ir@myomo.com
Investor Relations: Kim Sutton Golodetz LHA Investor Relations
212-838-3777 kgolodetz@lhai.com
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