Myomo said last week it closed its initial public offering, raising $5 million and listing on the New York Stock Exchange today under the ticker “MYO”.
The Cambridge, Mass.-based company develops and produces myoelectric orthotics for patients with neuromuscular disorders, including its flagship MyoPro line. The orthosis devices are non-invasive, powered braces used to support weak or deformed arms and hands to allow for functional activity.
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.
“I am very pleased that we have completed a successful IPO and listing on the NYSE MKT, a first under Jumpstart Our Business Startups Act Regulation A+. The proceeds raised provide Myomo with the resources to continue to invest in the MyoPro product line, as well as increase our sales and marketing efforts to grow our business domestically and internationally,” Myomo chair & CEO Paul Gudonis said in a prepared statement.
The company said that trading of its stock under the “MYO” sticker on the NYSE commenced today upon opening. Proceeds from the IPO and associated offering are slated to support the MyoPro product line, as well as supporting increased sales and marketing both domestically in the US and internationally.
In March, Myomo said it is looking to raise up to $15 million in a Regulation A+ initial public offering.
The company is taking advantage of new federal securities law under the Jumpstart Our Business Startups Act passed under Obama, which allow small private companies to raise up to $50 million, often referred to as Regulation A+.
