Myomo Announces Technology Licensing Program for International Markets
August 21 2019 - 8:03AM
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.
Interested parties may contact Myomo directly by sending an
email to Jonathan Naft, VP and General Manager-International
Operations, jon@myomo.com.
About Myomo 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190821005125/en/
Investor Relations: Adam S. Holdsworth PCG Advisory, Inc.
646-862-4607 adamh@pcgadvisory.com
Public Relations: Sarah Karr Matter Communications
978-518-4817 myomo@matternow.com
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