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Myomo Completes Repayment of Loan to the Massachusetts Life Sciences CenterMyomo, Inc. (NYSE American: MYO) ("Myomo" or the "Company"), a commercial stage medical robotics company, and the Massachusetts Life Sciences Center (MLSC) today celebrated Myomo's repayment of a $750,000 accelerator loan provided by the MLSC in 2011. Myomo completed repayment of the loan, which totaled $1,350,618 with interest, on December 13, 2017. Myomo Chairman and CEO Paul R. Gudonis presented a ceremonial check to Travis McCready, President and CEO of MLSC, during a ceremony at Myomo's headquarters in the Cambridge Innovation Center. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180124005266/en/ Myomo presented the MLSC with a check to reflect repayment of an accelerator loan. Pictured (left to right): MyoPro user Jessica Peters; Myomo Senior Controller Shawn Burke; MLSC Vice President of Finance Cheryl Sadeli; MLSC President and CEO Travis McCready; Myomo Chairman and CEO Paul Gudonis. (Photo: Business Wire) Myomo develops and markets the MyoPro line of powered orthoses. MyoPro, a myoelectric arm orthosis (powered brace), is the only lightweight wearable device on the market that can help restore substantial functionality in the paralyzed or weakened arms and hands of individuals who have suffered brachial plexus injury (BPI), brain or spinal cord injury, stroke, multiple sclerosis or ALS. "The accelerator loan from the MLSC enabled us to enhance our ability to deliver a life-changing device to the patients who need it most," said Gudonis. "It also helped us achieve certain key milestones which ultimately attracted significant private and public investments in the company. This has allowed us to provide career opportunities to more Massachusetts residents, as well as to support several Massachusetts vendors in marketing, manufacturing and other support services." Since entering into the loan agreement, Myomo has introduced new products to greatly expand its distriution, significantly grown revenue and completed an initial public offering in June 2017, becoming the first company to go public on the New York Stock Exchange American under the SEC (News - Alert) JOBS Act Regulation A+. "Our Accelerator Loan Program is designed to support early-stage local companies with a vision," said McCready. "Congratulations to Paul and the team of innovators at Myomo who are empowering individuals to lead a more fulfilling life, despite limited mobility in their hands or arms. We're thrilled that the MLSC has contributed to the company's incredible growth." Based on patented technology developed at MIT (News - Alert), MyoPro senses a patient's own EMG signals through non-invasive sensors and restores function to the paralyzed or weakened arm. This allows MyoPro users to perform activities of daily living including feeding themselves, carrying objects and doing household tasks. Many patients are even able to return to work.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20180124005266/en/ |