Commercial stage medical robotics company Myomo (NYSE American: MYO) recently announced that as the sole manager and underwriter of its follow-on offering, Roth Capital Partners exercised its underwriters’ over-allotment option in full. Per the underwriter’s option, Roth purchased 626,250 shares of common stock and accompanying warrants to purchase 626,250 shares of common stock, at a combined price to the public of $2.40 per share of common stock and accompanying warrant, for gross proceeds of approximately $1.5 million. This brings the company’s public offering total to 4,801,250 shares of common stock and accompanying warrants to purchase up to an aggregate of 4,801,250 shares of common stock. Myomo received gross proceeds of approximately $11.5 million. The company intends to use the net proceeds of the offering toward debt repayment, working capital and other general corporate purposes.
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Myomo, Inc. is a commercial stage medical robotics company that offers expanded mobility 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 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. For more information, visit the company’s website at www.Myomo.com.
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