Myomo Announces $6 Million Registered Direct Offering of Common Stock Priced At-the-Market
17 Januar 2024 - 2:05PM
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 that it has
entered into securities purchase agreements with certain new and
existing institutional investors as well as certain insiders of the
Company for the purchase and sale of 1,578,948 shares of common
stock (or common stock equivalents in lieu thereof) at a purchase
price of $3.80 per share, which was the closing price of the
Company’s common stock traded on the NYSE American on January 16,
2024, pursuant to a registered direct offering, resulting in total
gross proceeds of approximately $6.0 million before deducting
placement agent commissions and other offering expenses.
In conjunction with conducting this offering, the Company
disclosed that its existing cash, plus the proceeds from this
offering are expected to be sufficient to achieve cash flow
breakeven on a quarterly basis, which the Company believes is
achievable by the fourth quarter of 2024, assuming the final fee
from the Centers for Medicare and Medicaid Services, or CMS, is not
significantly lower than the currently published preliminary fee,
the Company can hire the personnel necessary to increase its
clinical, reimbursement and manufacturing capacity as planned and
there are no unusual supply chain disruptions.
The closing of the offering is expected to occur on or about
January 19, 2024, subject to the satisfaction of customary closing
conditions. The Company intends to use the net proceeds from the
offering to scale up operations to serve Medicare Part B patients
now that CMS has established coverage and proposed pricing for the
MyoPro product line. This includes the hiring of approximately 50
people over the next six months to increase its clinical,
reimbursement and manufacturing capacity to serve this anticipated
increased volume from Medicare Part B beneficiaries and for general
corporate purposes, which may include working capital for purchases
of inventory, capital expenditures, research and development
expenses and sales and marketing activities.
A.G.P./Alliance Global Partners is acting as the sole placement
agent for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-256159) previously
filed with the U.S. Securities and Exchange Commission (the “SEC”).
The offering is made only by means of a prospectus supplement and
accompanying prospectus, which will be filed with the SEC and will
be available on the SEC's website located at http://www.sec.gov.
Electronic copies of the prospectus supplement may be obtained,
when available, 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 nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Myomo, Inc.
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 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 the expected
use of proceeds from this offering and its expectations regarding
capital requirements and achieving cash flow breakeven, 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 other things:
- We have a history of operating losses and our financial
statements for the period ended September 30, 2023 include
disclosures regarding there being substantial doubt about our
ability to continue as a going concern;
- our ability to achieve reimbursement from third-party payers
for our products, including CMS for Medicare Part B patients;
- our ability to continue to serve patients with Medicare
Advantage insurance plans CMS does not cover the MyoPro;
- our revenue concentration with a particular insurance payer as
a result of focusing our efforts on patients with insurers who have
previously reimbursed for the MyoPro;
- our ability to continue normal operations and patient
interactions without supply chain disruption in order to deliver
and fit our custom-fabricated device;
- our marketing and commercialization efforts;
- 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240117139210/en/
For Myomo: ir@myomo.com
Investor Relations: Kim Sutton Golodetz LHA Investor Relations
212-838-3777 kgolodetz@lhai.com
Myomo (AMEX:MYO)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Myomo (AMEX:MYO)
Historical Stock Chart
Von Mai 2023 bis Mai 2024