Germany's Largest Statutory Health Insurance Company Approves MyoPro
February 16 2021 - 8:30AM
Business Wire
Follows approval by several other major
German providers
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 Techniker
Krankenkasse (TK), Germany's largest Statutory Health Insurance
(SHI) company, now approves reimbursement of MyoPro on a
case-by-case basis. TK covers over 10 Million insured lives and
joins the ranks of other major German health insurance providers
including BARMER, IKK Classic, regional AOK insurances and several
BKK insurances which collectively cover 28 million German lives and
have now approved funding for MyoPro.
About 90% of the German population is covered by a SHI
provider.
In addition, one of the largest private health insurers in
Germany, Allianz, has now authorized MyoPro. Private insurance
covers approximately 9% of the population.
Myomo Managing Director for Europe, John Frijters, stated, “Many
of the users who have received a MyoPro through German insurance
have suffered loss of hand and arm function as a result of a
stroke, brachial plexus injury or a spinal cord injury. Receiving a
MyoPro as a result of these insurance decisions changes their
lives.”
In Germany, MyoPro is delivered through a growing network of
Orthotic and Prosthetic (O&P) clinics across the country. As of
now, 35 such facilities serve and support MyoPro users.
Paul R. Gudonis, Myomo CEO, said, “Our progress in Germany, even
though now constrained by COVID lockdowns, show us that there is
strong and broad demand for MyoPro. Coupled with our recently
announced joint venture in China, we seek to become the global
standard of care for those with paralyzed or weakened arms.”
This announcement coincides with the introduction of a new
website for Myomo in German language. It can be found at
www.myomo.de.
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 insurance coverage in Germany and our activities in
Germany, Australia and China, 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 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/20210216005241/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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