Commercial stage medical robotics company Myomo has launched a Regulation A+ IPO in order to generate investment in products designed to improve mobility for people suffering from neurological disorders and upper limb paralysis. The funds will be allocated to sales, marketing, product development, debt repayment and working capital.
In a statement Myomo said it has developed a noninvasive technology that restores a person’s ability to use partially paralyzed or weakened arms and hands again. It is exclusively licensed from the Massachusetts Institute of Technology.
Myomo wants to be the first company to launch a Regulation A+ IPO while listing on the New York Stock Exchange MKT. The lead managing selling agent and bookrunner will be TriPoint Global Equities, LLC who will work with its online division BANQ.
“We are very excited to share our vision of restoring upper limb mobility to millions of Americans and others worldwide with a broad set of individual investors that now have the opportunity to invest in our company, alongside accredited investors and institutions, to acquire shares at the initial offering price,: Myomo CEO Paul R. Gudonis said. “While a traditional public offering is generally reserved for late institutions and the Wall Street elite to invest at this stage, we are taking advantage of new SEC regulations to level the playing field for all investors to participate concurrently in our IPO.”
“I am thrilled that Myomo is planning to become the first company to ever bring a Regulation A+ offering to the NYSE MKT,” said Mark Elenowitz, CEO of TriPoint. “It has been 84 years since the Securities Act of 1933 was enacted, but with the Title IV of the Jumpstart Our Business Startups (JOBS) Act, Myomo leads us into exciting new territory where Main Street meets Wall Street.”
Myomo was spun out from MIT in 2006 and was the exclusive licensee of two MIT-owned patents behind the myoelectric technology. The ensuing decade has seen Myomo develop three generations of its technology while also growing its patent list. One offering is the MyoPro.
“The MyoPro is a myoelectric arm orthosis designed to support a weak arm,” Myomo said in a release. “It can enable individuals to self-initiate and control movements of a partially paralyzed or weakened arm and hand using their own muscle signals.
“When the user tries to bend their arm, sensors in the MyoPro brace detect the weak muscle signal, which activates the motor to move the arm in the desired direction. The user is completely controlling their own arm and hand; the brace amplifies their weak muscle signal to help bend and move their arm. With the orthosis, a paralyzed individual, such as one who has suffered a brachial plexus injury, stroke or other neuromuscular disorder, can perform activities of daily living including feeding themselves, carrying objects, and doing household tasks.”