Myomo (NYSE:MYO) announced today that it priced a public offering of 20 million shares of common stock at $0.325 per share.
Boston-based Myomo expects aggregate gross proceeds to total approximately $6.5 million. That comes before deducting placement agent fees and other offering expenses.
The company expects the offering to close on or about Jan. 17, 2023, subject to customary closing conditions. It earmarked net proceeds for working capital and general corporate purposes. Myomo said it anticipates participation from management, affiliated investors and certain healthcare-focused investors.
A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering, according to a news release.
Myomo develops medical robotic technologies. Its wearable robotics improve arm and hand function for those with neurological disorders and upper-limb paralysis.
The company designed its MyoPro upper-limb orthosis product line to support the arm and restore function to weakened or paralyzed arms. MyoPro senses a patient’s own EMG signals through non-invasive sensors on the arm. Patients using MyoPro include those with CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury.