Cambridge-based Myomo, a commercial-stage developer of a myoelectric arm orthosis whose technology is exclusively licensed from MIT, went public on the NYSE MKT last week (NYSEMKT: MYO) and is the first company to trade on the listing under SEC Regulation A+. The regulation is designed to facilitate access to the public markets for early-stage growth companies, as Regulation A+ allows any investor to participate in a public offering, not just accredited investors. Companies are allowed to raise up to $50 million in a public offering under Regulation A+.
Myomo markets the MyoPro myoelectric arm orthosis. The device is described as a lightweight, wearable powered brace that can help restore arm or hand function in individuals who have suffered a stroke, spinal cord or nerve injury or experience another neuromuscular disability. The device uses the wearer’s own muscle signals to control arm and hand movements and can broaden therapy options for patients with weakened or paretic upper limbs.
Last week, the company announced that they raised $5.0 million from the sale of shares of its common stock, at a price to the public of $7.50 per share. Simultaneously, they closed on a a private sale of of restricted securities to accredited investors (mostly early investors in Myomo, according to the press release) that netted $2.9 million. The combined capital raised of $7.9 million will be used to “continue to invest in the MyoPro product line,” as well as support sales and marketing efforts both domestically and internationally.