Myomo Announces Closing of $6.5 Million Upsized Public Offering
January 17 2023 - 4:05PM
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 "best efforts" public offering of
20,000,000 shares of common stock (or common stock equivalents in
lieu thereof) at a public offering price of $0.325 per share for
aggregate gross proceeds of approximately $6.5 million, before
deducting placement agent fees and other offering expenses.
The Company intends to use the net proceeds from this offering
for working capital and general corporate purposes.
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
registration statements previously filed with the Securities and
Exchange Commission (SEC) which became effective on January 11,
2023. The offering was made only by means of a prospectus which
forms a part of the effective registration statement. A preliminary
prospectus relating to the offering has been filed with the SEC.
Electronic copies of the final prospectus relating to the offering
may be obtained on the SEC’s website located at http://www.sec.gov
and 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
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 certain 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 expectations
for the use of proceeds, 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.
These factors include, among others:
- We have a history of operating losses and our financial
statements for the period ended September 30, 2022 include
disclosure regarding there being substantial doubt about our
ability to continue as a going concern;
- the direct and indirect impact of the novel coronavirus
(COVID-19) on our business and operations, including fabrication
and delivery, sales, patient consultations, supply chain,
manufacturing, insurance reimbursements and employees;
- our ability to continue normal operations and patient
interactions in order to deliver and fit our custom-fabricated
device;
- our marketing and commercialization efforts;
- our ability to achieve reimbursement from third-party payers
for our products, including CMS for Medicare Part B patients;
- 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/20230117006099/en/
For Myomo: ir@myomo.com
Investor Relations: Kim Sutton Golodetz LHA Investor
Relations 212-838-3777 kgolodetz@lhai.com
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