Medical #Robotics News: Myomo (NYSE American: $MYO) Enters Canadian Market
Ottobock to Distribute MyoPro® to Orthotics and Prosthetics Practices Throughout Country
CAMBRIDGE - November 3, 2017 (Investorideas.com Newswire) MassMyomo, Inc. (NYSE American: MYO) ("Myomo" or the "Company"), a commercial stage medical robotics company, today announced that its Application for a Canadian Medical Device License has been approved by Health Canada. With the license, Myomo and its distribution partner, Ottobock, are now entering the Canadian market for commercial sale of the MyoPro myolelectric arm orthosis (powered brace).
MyoPro is the only lightweight wearable device on the market that can help restore substantial functionality in the paralyzed or weakened arms and hands of individuals who have suffered the effects of a stroke, brachial plexus injury (BPI) or other neuromuscular disease or injury. The orthosis senses a patient’s own EMG signals through non-invasive sensors, allowing a patient to perform activities of daily living including feeding themselves, carrying objects and doing household tasks, and many are able to return to work.
"MyoPro is an exciting device and we are enthusiastic about providing this technology to service the unmet needs of patients in Canada," said Chris Nolan, Vice President, Orthotics, Ottobock North America. Ottobock is the global market leader in technical orthopedics and prosthetics (O&P).
Stroke and BPI are the conditions most frequently helped by MyoPro. According to OntarioStrokeNetwork.ca, stroke is the leading cause of adult disability in Canada, with 426,000 Canadians living with the effects of stroke. Each year 50,000 new patients survive stroke and are left living with some degree of impairment. Often, these impairments include a weakened or paralyzed arm that might be helped with MyoPro.
Myomo launched its next-generation MyoPro orthosis in June 2017, extending the capabilities of the previous device with significant enhancements, including interchangeable, extended-life rechargeable batteries for continuous daily use. In July, the Company obtained the CE mark, enabling it to enter the European market.
"Gaining approval to market MyoPro in Canada increases the base of patients who may now be able to perform activities of daily living despite losing function in an arm," said Paul R. Gudonis, Chairman and CEO of Myomo. "Additionally, we are pleased to extend our relationship with Ottobock to help us broaden distribution of the MyoPro product line."
Myomo, Inc. is a commercial stage 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 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. For more information, please visit www.myomo.com.
Ottobock uses innovative technology, superior service, and world-class education to help people with physical mobility challenges. Established in 1919 in Germany, Ottobock opened its doors in the U.S. in 1958 and in Canada in 1978. Currently in its third generation as a privately held company, Ottobock offers products and services to help people maintain or regain their freedom of movement. www.ottobockus.com and www.ottobock.ca
Forward Looking Statements
This press release contains forward-looking statements regarding the Company's future business expectations, including the launch of MyoPro for Veterans, 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 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.
Vivian Cervantes, 212-554-5482
Rachel Robbins, 617-275-6521
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