Myomo® Receives First Australian Insurance Authorization for MyoPro™
August 20 2020 - 06:00AM
Business Wire
Additional Authorizations Across Australia
are Expected to Follow
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 a
Myomo-trained Orthotic & Prosthetic (“O&P”) practice in
Australia has received its first insurance authorization to fit a
patient with a custom MyoPro device. This is the first
authorization following Myomo’s entry into Australia as part of its
international expansion initiative.
The practice, X-Tremity Prosthetics and Orthotics, is located in
New South Wales and is operated by Jens Baufeldt. It is supported
locally by NeuroMuscular Orthotics (“NMO”), Myomo’s distributor in
Australia and New Zealand.
According to Priya Armstrong, Senior Orthotist at NMO, “The
patient is a 17-year-old male who was involved in a motor vehicle
accident two years ago. This resulted in a traumatic brain injury
that left him with upper and lower limb deficits on his left side.
We are looking forward to MyoPro helping to restore function to his
arm and hand to assist him with the activities of daily living. We
hope to receive more insurance approvals as awareness of the
benefits of MyoPro become known throughout Australia.”
Jon Naft, Myomo Vice President and General Manager,
International, said “We are pleased that our Australian
distribution partners have worked with local payers to obtain the
first approval for the MyoPro. Clinicians have created a pipeline
of qualified patients across Australia awaiting such approval, and
now that this first one has been received, we are hopeful many more
will follow. Australia represents an excellent market opportunity
for us.”
About Myomo
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 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 benefits
expected from business in Australia and the receipt of insurance
approvals from third party payers, 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:
- our sales and commercialization efforts;
- our relationships with distribution partners for our
products;
- our ability to achieve reimbursement from third-party payers
for our products;
- 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 development programs; and
- general market, economic, environmental and social factors,
including the ongoing COVID-19 pandemic, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200820005087/en/
For Myomo: ir@myomo.com
Investor Relations: Kim Sutton Golodetz LHA Investor Relations
kgolodetz@lhai.com 212-838-3777
Public Relations: Kate McCann Matter Communications
myomo@matternow.com
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