SeeThruEquity Issues Update on Myomo, Inc. and Maintains Price Target of $9.35

NEW YORK, NY / ACCESSWIRE / August 24, 2017 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has issued an update on Myomo, Inc. (NYSE American: MYO) and maintained its price target of $9.35.

The report is available here: MYO August 2017 Update Note.

Based in Cambridge, MA, Myomo (NYSE American: MYO, “Myomo”) is a commercial stage medical device company specializing in medical robotics. Myomo is focused on the development and commercialization of myoelectric braces (orthotics) designed to offer extended mobility for people with neurological disorders and upper limb paralysis. Myoelectric-controlled orthotics are externally powered braces, which can be controlled via electrical signals generated naturally by the patient’s own muscles. Myomo’s lead product, MyoPro®, is developed from technology licensed from MIT and is registered with the FDA as a low-risk Class II Device, exempt from clinical trials. MyoPro® is the only commercially available medical device for upper limb paralysis in the United States, which it believes represents a $10Bn opportunity in the US alone.

On August 14, 2017, Myomo reported 2Q17 results, reflecting substantial progress achieved by the company in 2017, with highlights as follows:

Capital Raise: Myomo raised gross proceeds of $8mn of growth capital in a Reg A+ IPO conducted on June 9, 2017.
CE Mark: Myomo obtained CE Mark approval for the commercial sale of its next generation MyoPro® myoelectric arm orthosis in Europe
Sales Distribution: Earlier this year, the company established a distribution agreement with partner Ottobock to commence sales distribution in the US, Germany, and Canada, and has already booked its first orders through Ottobock to VA Medical Centers in the US
Increased Presence: Myomo increased the number of MyoPro Centers of excellence to 31 US locations and announced the publication of peer-reviewed clinical research on MyoPro at Ohio State University School of Medicine.

Highlights from the note include:

Significant accomplishments in 2017 set stage for growth

Overall Myomo reported encouraging results with a positive outlook in its first quarter as a public company. Having raised gross proceeds of $8mn, which the company views as growth capital, Myomo has been focused on completing the next generation version of MyoPro® and establishing its distribution and presence for its go-to-market strategy. Management announced the launch of its next-generation version, MyoPro 2. MyoPro 2 is distinguished by its lighter design, improved grasping and sensor functionality, and interchangeable, extended-life rechargeable batteries for continuous daily use. With CE Mark approval, the company will target Europe, starting with Germany through its sales partnership with Ottobock, a well-established market leader in technical orthopedics and prosthetics (O&P). In the US, Myomo is filling out its sales and marketing teams with critical new hires, and added seven new MyoPro® Centers of Excellence – bringing the total to 31. The company also announced that it booked its first orders from a distribution agreement with Ottobock for Veterans Administration Medical Centers in the United States.

$9.35 price target for Myomo

We are maintaining the price target of $9.35 for Myomo following 2Q17 results. The company represents an intriguing approach to becoming the standard of care for upper limb paralysis, with its MyoPro® offering a cost-effective approach supported by a growing body of clinical evidence. Myomo has several key events on the horizon as it begins commercial activities in Europe and deploys growth capital to expand its presence in the US.

Please review important disclosures at www.seethruequity.com.

About Myomo, Inc.

Myomo, Inc. is a commercial stage medical robotics Company that offers expanded mobility for those suffering from neurological disorders and upper limb paralysis. Based on patented technology developed at MIT and the Company, Myomo develops and markets the MyoPro® product line of lightweight, non-invasive, powered arm braces to restore function in the paralyzed or weakened arms and hands of individuals that have suffered a stroke, spinal cord or nerve injury such as brachial plexus injury, or other neuromuscular disability such as amyotrophic lateral sclerosis (ALS) or multiple sclerosis (MS). It is provided through clinical relationships with VA medical centers, leading rehabilitation hospitals, and Orthotics and Prosthetics (“O&P”) practices. Several hundred have been successfully used by patients. It is the only device that, sensing a patient’s own neurological signals through non-invasive sensors on the arm, can restore their ability to use their arms and hands so that they can return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S. www.Myomo.com.

About SeeThruEquity

Since its founding in 2011, SeeThruEquity has been committed to its core mission: providing impactful, high quality research on underfollowed smallcap and microcap equities. SeeThruEquity has pioneered an innovative business model for equity research that is not paid for and is unbiased. SeeThruEquity is the host of acclaimed investor conferences that are the ultimate event for publicly traded companies with market capitalizations less than $1 billion.

SeeThruEquity is approved to contribute its research reports and estimates to Thomson One Analytics (First Call), the leading estimates platform on Wall Street, as well as Capital IQ and FactSet. SeeThruEquity maintains one of the industry’s most extensive databases of opt-in institutional and high net worth investors. The firm is headquartered in Midtown Manhattan in New York City.

For more information visit www.seethruequity.com.

Contact:

Ajay Tandon
SeeThruEquity
info@seethruequity.com

SOURCE: SeeThruEquity

ReleaseID: 473576