Myomo Grabs $5M in Series B-1
CAMBRIDGE, MA, Myomo announced today the closing of its Series B-1 preferred share offering, which raised a total of $5 million from existing investors.
Myomo, Inc., a medical device company specializing in myoelectric orthotics for people with neurological disorders, announced today the closing of its Series B-1 preferred share offering, which raised a total of $5 million from existing investors. Mountain Group Capital, a venture firm focused on medical devices and technology investments, was the lead investor in the round.
The additional funding will be used as working capital as well as to support investments in sales and marketing, new product development, and expanded clinical studies of the company's MyoPro powered orthosis.
'In 2015 we expect to provide our MyoPro orthoses to a larger number of people impacted by neuromuscular conditions through our expanded sales organization and the growing number of VA hospitals that provide the MyoPro to veterans,' said Paul R. Gudonis, Chief Executive Officer, Myomo Inc. 'In addition, our new distribution agreement with Ossur, a leading company in the orthotics and prosthetics industry, will enable us to assist even more patients.'
The unique, patented myoelectric orthotics are enabling a growing number of individuals with paralysis to regain use of their arms and function more independently by performing daily activities such as cooking, feeding themselves, carrying household objects, and in some cases, returning to work.
Myomo is addressing a significant unmet need of individuals with neurological disabilities. Michael Jarjoura, a deputy sheriff, suffered a stroke in 2009 that resulted in paralysis in his left arm. Jarjoura was fitted with a MyoPro myoelectric orthosis in 2013 to help improve his arm function.
'The MyoPro is an excellent device that has helped me move my arm again,' said Jarjoura. 'I see the MyoPro as a means to improve my quality of life. I am on track to be able to do more around the house and help my wife out with the chores, which will no doubt improve her quality of life too!'
About Myomo, Inc.
Myomo, Inc. is a medical device company specializing in myoelectric orthotics for people with neurological disorders. The Company's products help to restore function in individuals with neuromuscular conditions such as brachial plexus injury, traumatic brain injury, spinal cord injury, Multiple Sclerosis, ALS, and stroke.
The Company's myoelectric orthoses have been clinically shown to help restore the ability to complete functional tasks by enabling individuals to self-initiate and control movement of their partially paralyzed limbs by using their own muscle signals.
The Myomo technology was originally developed at Massachusetts Institute of Technology in collaboration with medical experts affiliated with Harvard Medical School. Myomo, Inc. is a privately held company headquartered in Cambridge, MA.
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