Myomo, Inc. (NYSE: MYO) is engaged as a wearable medical robotics company, which seeks to improve mobility in patients that suffer from neurological disorders and upper limb paralysis. Shares of the medical device company are jumping 42.25%, through early trading on Wednesday, August 21, 2019. Over the past three months, Myomo has seen average daily volume of 47,750 shares. However, volume of 6.54 million shares or dollar volume of $6.61 million, has already exchanged hands through early trading on Wednesday.
Shares of Myomo are rallying on Wednesday, after the company unveiled a new business development program designed to increase its MyoPro product line outside of the United States. Through technology licensing agreements, Myomo will be able to partner with international companies to help expand its technology’s reach. Management notes that it has been approached by companies in China, Japan, South Korea, India, several countries across the Middle East, and more. Here is the full press release detailing of the international licensing program:
Myomo, Inc. Press Release:
CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Goal of Business Development Program is to Expand Access of Company’s Product Line to Additional Country Markets
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 has launched a business development program to bring its proprietary MyoPro orthotic product line to a greater number of country markets outside of the United States. The company will pursue technology licensing arrangements with international partners that can manufacture and distribute the MyoPro products to rehabilitation hospitals and patients in their home markets. Myomo will provide technical expertise to quickly set up local assembly and fabrication of the custom devices; assist with clinical studies and regulatory approvals; establish an in-country Myomo Academy to train clinicians how to evaluate, fit, and train new users; and provide its MyoPro Control System through a multi-year sales agreement with the distribution partner.
Myomo CEO Paul R. Gudonis stated, “We have been approached by companies with expertise in robotics, medical technology, or rehabilitation services from a number of countries, including Japan, South Korea, China, India, and several in the Mideast. While we are directly expanding our distribution networks in the U.S. and Europe, developing licensing partnerships with firms in other international markets is designed to enable us to provide our MyoPro products to a larger patient population by leveraging the existing market positions and investments that would be made by local firms that wish to capitalize on this large market opportunity.”
Myomo is working with its Boston-based law firms, Furman Gregory Deptula, which has expertise in medical device licensing for US companies seeking to expand into additional country markets, and Sunstein Kann Murphy & Timbers LLP, which specializes in intellectual property protection and has assisted Myomo with numerous U.S. and international patent filings.
Myomo, Inc. is a wearable medical robotics company that offers expanded mobility 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 Cambridge, 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 adoption of MyoPro in international markets, 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. Our actual results could differ materially from those anticipated in these forward looking statements for many reasons, including, without limitation, risks related to regulatory approval and market acceptance of our products, and the other risk factors contained in our filings made with the Securities and Exchange Commission. More information about factors that potentially could affect Myomo’s business and financial results is included in Myomo’s filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. 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.