Myomo, Inc. Announces Proposed Public Offering
24 Agosto 2023 - 3:15PM
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 that it intends
to offer and sell shares of its common stock (or common stock
equivalents in lieu thereof) in a “reasonable best efforts” public
offering. All of the securities to be sold in the offering are to
be offered by Myomo. The offering is subject to market conditions,
and there can be no assurance as to whether or when the offering
may be completed, or as to the actual size or terms of the
offering.
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 our headcount in
order to service a greater number of patients and to procure
additional inventory to ramp our operations.
A.G.P./Alliance Global Partners is acting as sole placement
agent for the offering on a reasonable best-efforts basis.
This offering is being made 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 will be made only by means of a prospectus supplement
and accompanying prospectus. The preliminary prospectus supplement
and accompanying prospectus describing the terms of the proposed
offering will be filed with the SEC and will be available on the
SEC’s website located at http://www.sec.gov. Electronic copies of
the preliminary prospectus supplement may be obtained, when
available, 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. Before investing
in this offering, interested parties should read in their entirety
the prospectus supplement and the accompanying prospectus and the
other documents that Myomo has filed with the SEC that are
incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about Myomo
and such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or 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
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230824079333/en/
For Myomo: ir@myomo.com
Investor Relations: Kim Sutton Golodetz LHA Investor Relations
212-838-3777 kgolodetz@lhai.com
Myomo (AMEX:MYO)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Myomo (AMEX:MYO)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024