Myomo Raises the Final $2 Million of a $7 Million Financing Round
Cambridge, MA, October 8, 2013
- Myomo, Inc., a medical technology company specializing in providing innovative myoelectric-‐powered orthotic devices, today announced that it completed the final $2 million of a $7 million financing. Existing and new investors participated in the financing, including the addition of Mountain Group Capital, a venture captical firm which focuses on investments in life sciences and technology businesses.
The $2 million of additional funding recently raised will be used as working capital as the company continues to expand distribution of its MyoPro custom orthosis through Orthotics and Prosthetics ("O&P") facilities nationwide.
"In the past year, we have introduced the new MyoPro custom brace, recruited and trained an expanding number of O&P partners in major markets across the US, and demonstrated that private insurance payers will cover the costs of the device for patients due to the functional benefits it delivers - enabling individuals who have suffered a neurological disability to use their arms and accommodate their impairment", stated Paul R. Gudonis, CEO of Myomo. "We are helping patients with paralysis due to a stroke, traumatic brain injury, cerebral palsy, spinal cord injury, multiple sclerosis, ALS, and other diagnoses – a significant market that is growing with the incidence of stroke and other brain injuries each year."
The MyoPro orthosis incorporates a noninvasive myoelectric platform technology in a custom-fit device that enables a patient to initiate-and-control their own motion. The portable arm brace has been proven effective in supporting functional tasks and assisting patients in activities of daily living such as feeding, carrying objects, and personal hygiene. The MyoPro device does not use electrical impulses or stimulation. It reads weak muscle signals and sends them to the brace's micro-processor which enables users to move their affected arm.
Byron Smith, a Principal at Mountain Group Capital, has joined the board of directors of Myomo. He commented, "We seek out unique, life-changing technologies that meet a large unmet need, and we back management teams that bring deep domain expertise and proven ability to scale an enterprise. Myomo checks the box on each of these investment criteria." Myomo, Inc.
Myomo, Inc. is a medical technology company leading the way in extending myoelectric prosthetic technology to powered bracing devices that restore an individual's mobility. The Myomo technology was originally developed at Massachusetts Institute of Technology in collaboration with medical experts affiliated with Harvard Medical School.
The company's mission is to improve mobility and restore independence for individuals who suffer from debilitating muscle weakness due to conditions such as stroke and other neuro-muscular disabilities. The Myomo technology is designed to enable individuals to self-initiate and control movement of partially paralyzed limbs using their own muscle signals.
For more information about Myomo and the MyoPro orthosis, please visit www.myomo.com
, or call 617-329-1556.