Myomo Strengthens Intellectual Property Portfolio With Receipt of Key Patent in Japan

Rhea-AI Summary

Myomo, Inc. (NYSE American: MYO) has announced the issuance of a new patent for its MyoPro device by the Japanese Patent Office, bringing the total to 20 patents globally. This patent covers a powered orthotic device designed to assist users with upper-limb paralysis, allowing for voluntary movement control using electromyographic and inertial sensors. The company aims to leverage this patent for future business ventures in Japan, reflecting ongoing efforts to expand its global patent portfolio and enhance its position in the medical robotics market.

Positive

• Issuance of a new patent for the MyoPro device in Japan, increasing total patents to 20 globally.
• The MyoPro device enables voluntary movement for users through advanced sensor technology, supporting rehabilitation.
• Expansion of the patent portfolio is expected to facilitate future business ventures in the Japanese market.

Negative

• Dependence on external financing might affect operations if cash flow breakeven is not achieved.
• Potential operational disruptions due to COVID-19 could impact sales and delivery.

Brings the total number of patents issued on the MyoPro® device globally to 20

BOSTON--(BUSINESS WIRE)-- 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, announces the granting of patent number 6998478 titled “Powered Orthotic Device and Method of Using Same” by the Japanese Patent Office.

This new Japanese patent is part of a family of patents Myomo has been issued for its MyoPro device in the United States, Europe, China and Japan. This family of patents covers a powered orthotic device that supports movement of a user’s arm above the elbow, as well as a user’s fingers and thumb to support grasping. Because the motion can be triggered by electromyographic and inertial sensors, the resulting movement is controlled by the user’s voluntary actions. Myomo has pioneered the development of robotic medical devices that can serve dual roles as both assistive in achieving desired motion and as therapeutic in supporting rehabilitation.

“We have worked diligently to advance our technology and are delighted to strengthen our global patent portfolio,” said Paul R. Gudonis, Myomo’s chairman and chief executive officer. “This new Japanese patent will be particularly valuable in establishing any future business ventures for that market.”

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 ability to use the newly issued patent in Japan to enter into potential business ventures, 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:

• 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;
• 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005222/en/

Myomo:

ir@myomo.com

LHA Investor Relations:

Kim Sutton Golodetz

kgolodetz@lhai.com

212-838-3777

Source: Myomo, Inc.

FAQ

What recent patent did Myomo Inc. receive?

Myomo, Inc. received a new patent for its MyoPro device from the Japanese Patent Office, bringing its total to 20 patents worldwide.

How does the MyoPro device assist individuals?

The MyoPro device supports movement for individuals with upper-limb paralysis, allowing controlled arm and hand functions using electromyographic signals.

What markets does Myomo target with its patents?

Myomo's patents are aimed at markets in the United States, Europe, China, and Japan.

What is the stock symbol for Myomo?

The stock symbol for Myomo, Inc. is MYO.

What are the potential challenges faced by Myomo Inc.?

Myomo faces challenges including reliance on external financing and potential disruptions from COVID-19 impacting operations and sales.