{"id":780786,"date":"2023-08-29T16:40:15","date_gmt":"2023-08-29T20:40:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/myomo-announces-closing-of-4-4-million-public-offering\/"},"modified":"2023-08-29T16:40:15","modified_gmt":"2023-08-29T20:40:15","slug":"myomo-announces-closing-of-4-4-million-public-offering","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/myomo-announces-closing-of-4-4-million-public-offering\/","title":{"rendered":"Myomo Announces Closing of $4.4 Million Public Offering"},"content":{"rendered":"

<\/p>\n

Myomo Announces Closing of $4.4 Million Public Offering<\/b><\/p>\n

BOSTON–(BUSINESS WIRE<\/a>)–Myomo, Inc. (NYSE American: MYO)<\/b> (“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 the closing of its previously announced “reasonable best efforts” public offering of 7,333,334 shares of common stock (or common stock equivalents in lieu thereof) at a public offering price of $0.60 per share for aggregate gross proceeds of approximately $4.4 million, before deducting placement agent fees and other offering expenses.<\/p>\n

\nThe Company intends to use the net proceeds from the offering for general corporate purposes, which may include working capital and capital expenditures, research and development expenses and sales and marketing activities. If the Centers for Medicare and Medicaid Services finalizes the Company\u2019s classification as a brace and publishes a fee in conjunction with the next public meeting, which is expected to be held before the end of the year, the proceeds will also be used to fund additions to the Company\u2019s headcount in order to service a greater number of patients and to procure additional inventory to ramp its operations.<\/p>\n

\nMembers of management, affiliated investors and certain high-quality healthcare focused investors participated in the offering.<\/p>\n

\nA.G.P.\/Alliance Global Partners acted as the sole placement agent for the offering.<\/p>\n

\nThe securities described above were offered 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 \u201cSEC\u201d). The offering was made only by means of a prospectus supplement and accompanying base prospectus. A final prospectus supplement and accompanying prospectus describing the terms of the offering have been filed with the SEC and are available on the SEC\u2019s website located at http:\/\/www.sec.gov<\/a>. Electronic copies of the final prospectus supplement may be obtained 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<\/a>.<\/p>\n

\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.<\/p>\n

About Myomo, Inc.<\/b><\/p>\n

\nMyomo, 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\u2019s own EMG signals through non-invasive sensors on the arm, can restore an individual\u2019s 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<\/a>.<\/p>\n

Forward Looking Statements<\/b><\/p>\n

\nThis press release contains forward-looking statements regarding the Company\u2019s future business expectations, including the expected use of proceeds from this offering, which is 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.<\/p>\n

\nThese factors include, among other things:<\/p>\n