Cambridge, Mass. and CLEVELAND, April 25, 2017 (GLOBE NEWSWIRE) -- Myomo, Inc., (“Myomo” or the “Company”), a commercial stage medical robotics company with many connections in the greater Cleveland area, will be hosting a presentation for investors interested in learning about its Initial Public Offering (IPO) on May 3, 2017 at 12pm EDT. Chairman and CEO Paul Gudonis will be presenting. The meeting will take place at the offices of BioEnterprise, a business formation, recruitment, and acceleration effort designed to support the growth of bioscience companies in Northeast Ohio, located at 11000 Cedar Ave., Suite 100 in Cleveland, OH.
Myomo is conducting an IPO to raise $15M in growth capital to expand its business, under the JOBS Act Regulation A+ rules, which allow the general public to invest in IPO’s, along with accredited investors and institutions. It expects to be the first company to complete a Regulation A+ IPO and be listed on the New York Stock Exchange MKT. TriPoint Global Equities, LLC, working with its online division BANQ® (www.banq.co), will act as the lead managing selling agent and bookrunner for the offering. Myomo intends to use the proceeds from the offering to fund sales and marketing, product development, repayment of debt, and for working capital and other general corporate purposes.
Myomo produces a line of unique myoelectric orthotics (powered braces) to enable individuals to regain use of their paralyzed arms and hands. Based on technology developed at the Massachusetts Institute of Technology (MIT), Myomo is the only provider of lightweight, wearable robotics for the many individuals with paralysis due to a stroke, spinal cord injury, MS, ALS, and other neurological diseases or injuries.
The Company has several connections to Cleveland and Ohio. Myomo has teamed up with Chardon, OH based Geauga Rehabilitation Engineering (GRE), to fabricate the devices. It has delivered many units for patients at the Cleveland Clinic, University Hospitals, Lake Health and the Cleveland VA Medical Center. And it has Department of Defense clinical research underway at the Cleveland VAMC and with Case Western Reserve University faculty.
In January 2017 the Archives of Physical Medicine & Rehabilitation published research from the Ohio State University School of Medicine Stroke Center. Dr. Steve Page, the lead investigator, summarized the results saying, “The people we studied had moderate to severe arm impairment for whom there are not a lot of options. We found that when the patients were wearing the MyoPro, across the board their performance of movements was significantly better. Patients were able to do things wearing the MyoPro that they would not be able to do with moderate to severely impaired arms under normal circumstances.”
BioEnterprise is a business formation, recruitment, and acceleration effort designed to support the growth of bioscience companies. Located in Cleveland, BioEnterprise provides management counsel and support services to health IT, medical device, and biopharmaceutical companies.
BioEnterprise founders are Case Western Reserve University, Cleveland Clinic, and University Hospitals. Additional technology partners include the NASA Glenn Research Center, Cleveland State University, and BioOhio. The initiative comprises the collective activities of BioEnterprise and its partners’ commercialization offices: The Case Office of Technology Transfer, Cleveland Clinic Innovations, and University Hospitals Cleveland – Center for Clinical Research. The combined efforts of these groups has created, recruited, and accelerated more than 300 companies in 15 years. For more information: www.BioEnterprise.com.
Myomo, Inc. is a commercial stage medical robotics Company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis. Based on patented technology developed at MIT and the Company, Myomo develops and markets the MyoPro® product line of lightweight, non-invasive, powered arm braces to restore function in the paralyzed or weakened arms and hands of individuals that have suffered a stroke, spinal cord or nerve injury such as brachial plexus injury, or other neuromuscular disability such as amyotrophic lateral sclerosis (ALS) or multiple sclerosis (MS). It is provided through clinical relationships with VA medical centers, leading rehabilitation hospitals, and Orthotics and Prosthetics (“O&P”) practices. Several hundred have been successfully used by patients. It is the only device that, sensing a patient’s own neurological signals through non-invasive sensors on the arm, can restore their ability to use their arms and hands so that they can 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.
About Banq and TriPoint
Tripoint Global Equities, LLC (TriPoint”), a FINRA member firm, is a boutique investment bank, with corporate finance and sales and trading services. TriPoint focuses on providing U.S. and non-U.S. companies of up to $500 million in revenue with capital raising, corporate finance advisory services and assistance with navigating the regulatory environment for companies listing on the U.S. markets. TriPoint Global maintains specialized practices in institutional private placements, sales and trading, mergers and acquisitions, and corporate finance. BANQ®, the online division of TriPoint, www.banq.co, is an electronic investment banking platform that streamlines the matching of investors with quality growth companies and alternative investment opportunities. BANQ® provides investors access to exciting companies with exposure to rapidly growing sectors and new technologies. BANQ® takes the entire public and private offering process digital and online, providing access to U.S. opportunities and offerings in the U.S. markets. BANQ® widely markets its offerings utilizing the new general solicitation and advertising rules promulgated by the U.S. Securities & Exchange Commission, in response to the passage of the JOBS Act of 2012 including Reg A+ and Reg D. TriPoint has offices in New York City, Jericho, NY, Akron, OH, Beijing China and Washington D.C. For more information, please visit http://www.tripointglobalequities.com.
Myomo Inc.’s offering statement for its initial public offering under Regulation A has been qualified by the Securities and Exchange Commission. The securities offered by Myomo Inc. are highly speculative. Investing in shares of Myomo Inc. involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Furthermore, investors must understand that such investment could be illiquid for an indefinite period of time. No public market currently exists for the securities, and if a public market develops following the offering, it may not continue. To obtain a copy of the Offering Circular, go to Myomo Form 1-A at https://goo.gl/z7npq1.
This release may contain forward-looking statements regarding projected business performance, operating results, financial condition and other aspects of the Company, expressed by such language as “expected,” “anticipated,” “projected” and “forecasted.” Please be advised that such statements are estimates only and there is no assurance that the results stated or implied by forward-looking statements will actually be realized by the Company. Forward-looking statements may be based on management assumptions that prove to be wrong. The Company and its business are subject to substantial risks and potential events beyond its control that would cause material differences between predicted results and actual results, including the Company incurring operating losses and experiencing unexpected material adverse events.
Source: Myomo (Reg A+)