Just after reeling in $5 million from its initial public offering, Myomo said today it is launching its next-generation MyoPro 2 myoelectric arm orthosis designed to restore function to paralyzed or weakened arms.
The MyoPro 2 is designed to aid patients in performing daily living activities including eating, carrying objects and general household chores, as well as enabling certain individuals to return to work. The company said that the new version improves upon previous capabilities and adds interchangeable, extended-life rechargeable batteries designed to support continuous daily use.
“MyoPro 2 is the result of collaboration between our users, clinical partners and engineering team to help patients restore their activities of daily living. Early in our rollout, feedback from patients, physicians and the orthotics and prosthetics community has been very positive. We look forward to addressing the large unmet need in upper limb paralysis as we continue to bring MyoPro 2 to a larger market,” CEO Paul Gudonis said in a prepared statement.
Yesterday, Myomo said it closed its initial public offering, raising $5 million and listing on the New York Stock Exchange today under the ticker “MYO”.
Myomo said it floated 665,498 shares of stock at $7.50 per sahre in the offering, bringing in an aggregate of $5 million. The company said it also simultaneously closed a private sale of investment units to accredited investors for an additional $2.9 million.