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 additional intellectual property protection with the issuance of new patents in the U.S. and Europe related to MyoPro™, its unique wearable robotic brace for arm and hand paralysis.
The U.S. Patent and Trademark Office has notified the Company that Patent No. 10,758,394 will issue September 1, 2020. Titled “Powered Orthotic Device and Method of Using Same,” this extends the patent life on most MyoPro models through March 2039 as the protected technology now covers the use of the device for multiple joints, including a hand actuator. In addition, the European Patent Office has notified Myomo of the impending issuance of a new parallel patent covering its 38 member countries. With these patent grants, the Company now has 12 patents issued worldwide, 2 exclusive licensed patents and 9 patents pending relating to MyoPro.
Gene Tacy, Myomo’s Vice President of Engineering and Manufacturing, said, “We are very proud of the ingenuity and technical skills of our engineering team, as demonstrated by receipt of these patents. Their hard work is displayed every day by the hundreds of patients whose lives have been improved by MyoPro.”
“This expansion of our global patent position solidifies our leadership as the world’s only supplier of a myoelectric powered upper limb orthosis. We are committed to protecting our intellectual property around the world in order to secure the long-term value of the MyoPro,” added Paul R. Gudonis, Myomo’s chief executive officer.
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.
This press release contains forward-looking statements regarding the Company’s future business expectations, including benefits expected from enhancements to its patent portfolio, 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.