MyoPro Approved in Australia by National Disability Insurance Scheme
February 06 2023 - 4:05PM
Business Wire
First reimbursement leads to greater access for
patients
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, announced that for the first time, the
National Disability Insurance Scheme (NDIS) in Australia approved a
MyoPro for a patient with a paralyzed arm. The NDIS aids over
500,000 Australians with disabilities through reimbursement for
necessary services and support.
The first MyoPro user to benefit from NDIS reimbursement is a
client identified as Natalee W. Four years ago, at the age of 16,
Natalee suffered a brain aneurysm and a stroke which resulted in
left-side hemiparesis. The NDIS funded a two-month trial of a
custom-fabricated MyoPro, which allowed Natalee to learn to use the
device. Through consistent use of the MyoPro, Natalee can now
perform functional activities of daily living, which she struggled
with prior to using the device. Priya Armstrong, Senior Orthotist
with NeuroMuscular Orthotics, stated, "For clients such as Natalee,
that have been undergoing long-term rehabilitation with minimal
functional improvements in their arm and hand, the MyoPro provides
a sophisticated orthotic solution that enables the user to
self-perform ADL tasks."
The patented MyoPro technology was developed by Myomo in
collaboration with researchers at the Massachusetts Institute of
Technology and Harvard Medical School. "I am so happy to have been
funded for a MyoPro by NDIS," said Natalee. "I have worked so hard
to regain as much function in my arm and hand, and the MyoPro has
allowed me to do more than I ever imagined. I look forward to using
it to increase my independence so that I don't have to rely as much
on my family." John Frijters, Managing Director of International
Operations for Myomo, stated, “We are pleased to see this insurance
approval in Australia, which can lead to greater market access to
the MyoPro for others with similar impairment and goals for
independent living.”
For more information, visit www.myomo.com.
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 certain 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 Boston,
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 expectations
for greater market access in Australia and other geographies, 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 others:
- We have a history of operating losses and our financial
statements for the period ended September 30, 2022 include
disclosure regarding there being substantial doubt about our
ability to continue as a going concern;
- the direct and indirect impact of the novel coronavirus
(COVID-19) on our business and operations, including fabrication
and delivery, sales, patient consultations, supply chain,
manufacturing, insurance reimbursements and employees;
- our ability to continue normal operations and patient
interactions in order to deliver and fit our custom-fabricated
device;
- our marketing and commercialization efforts;
- our ability to achieve reimbursement from third-party payers
for our products, including CMS for Medicare Part B patients;
- 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 product development programs;
and
- general market, economic, environmental and social factors 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/20230206005559/en/
For Myomo: ir@myomo.com
Investor Relations: Kim Sutton Golodetz LHA Investor
Relations 212-838-3777 kgolodetz@lhai.com
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