Patents Expected to be Licensed to Newly Established Joint Venture Company in China
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, today announced the granting of patents in China and Hong Kong covering the Company’s most advanced products. Patent number ZL201680032072 was issued in China and patent number 1251447B was issued in Hong Kong. The patents are titled “Powered Orthotic Device and Method of Using Same,” which cover a powered orthotic device that supports movement of a user’s arm about the elbow and a user’s fingers and thumb to support grasping. These newly issued patents are in force through June 2036.
These patents are expected to be licensed to a newly formed company in China, Jiangxi Myomo Medical Assistive Appliance Co., Ltd. (“JV Company”), which was established on August 12, 2021, pursuant to an Equity Joint Venture Contract entered into between the Company and Beijing Ryzur Medical Investment Co., Ltd. (“Ryzur”) in January 2021. A Technology License Agreement between the Company and the JV Company is expected to be entered into once certain operational and financial milestones by Ryzur and the JV Company are met.
David Ren, founder and President of Ryzur, commented “We are looking forward to partnering with Myomo to bring this advanced technology to hospitals and patients in China. Now that the JV company is established, our next steps are to complete the funding, introduce the MyoPro to distributors and hospitals and set up the operations for launch of the products in the large China market."
“With approximately 14 million paralyzed arms, China represents the largest market in the world for our products. We are pleased that we have been granted these patents, which together with our growing success in providing our products and obtaining reimbursement in Europe and the United States, represent an important milestone on the path toward becoming the worldwide standard of care for individuals suffering from upper extremity impairment as a result of stroke, nerve injury and other conditions,” stated Paul R. Gudonis, Myomo’s chairman and chief executive officer.
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 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.
This press release contains forward-looking statements regarding the Company’s future business expectations, including the entry into a Technology License Agreement with the JV Company and granting of patents in China, 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 cast, 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.
Kim Sutton Golodetz
LHA Investor Relations