BOSTON – (BUSINESS WIRE) – February 16, 2021–
Myomo, Inc. (NYSE American: MYO) (“Myomo” or “Company”), a wearable medical robotics company offering enhanced functionality for those with neurological disorders and upper limb paralysis, today announced Techniker Krankenkasse (TK), Germany’s largest Statutory Health Insurance (SHI) company. , now approves MyoPro replacement on a case by case basis. TK covers more than 10 Million lives insured and joins the ranks of other major German health insurance providers including BARMER, IKK Classic, regional AOK insurance and several BKK insurances which collectively cover 28 million German lives and have now approved funding for MyoPro.
About 90% of the German population is covered by SHI providers.
In addition, one of the largest private health insurance companies in Germany, Allianz, has now authorized MyoPro. Private insurance covers about 9% of the population.
Myomo’s Managing Director for Europe, John Frijters, stated, “Many users who have received MyoPro through German insurance experience loss of hand and arm function due to stroke, brachial plexus injury or spinal cord injury. Receiving MyoPro as a result of this insurance decision changed their life. “
In Germany, MyoPro is administered through a growing network of Orthotic and Prosthetic (O&P) clinics across the country. Currently, these 35 facilities serve and support MyoPro users.
Paul R. Gudonis, CEO of Myomo, said, “Our progress in Germany, although now limited by the COVID-19 lockdown, shows us that there is strong and wide-ranging demand for MyoPro. Coupled with the joint venture we recently announced in China, we are working to become the global standard of care for those with paralyzed or weak arms. “
This announcement coincides with the introduction of the new Myomo website in German. These can be found on www.myomo.de.
Myomo, Inc. is a medical robotics company that offers enhanced arm and hand function to those with 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 the function of a weakened or paralyzed arm of a patient who has had a CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only device on the market that, by sensing a patient’s own EMG signal via a non-invasive sensor in the arm, can restore an individual’s ability to perform daily activities, including self-feeding, carrying objects and performing household tasks. Many are able to return to work, live independently, and reduce maintenance costs. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals throughout the US and international representatives. For more information, please visit www.myomo.com.
This press release contains forward-looking statements regarding the Company’s future business expectations, including the benefits expected from insurance coverage in Germany and our activities in Germany, Australia and China, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forwards are only predictions and may differ materially from actual results due to various factors.
These factors include:
- our sales and commercialization efforts;
- our ability to obtain reimbursements from third party payers for our products;
- our reliance on external sources to finance our operations, to the extent that we do not break even in cash flows;
- our ability to effectively execute our business plans and improve our operations;
- our expectations for our development program; and
- general market, economic, environmental and social factors, including the ongoing COVID-19 pandemic, which may affect the evaluation, installation, delivery and sale of our products to patients.
Further information on these and other factors that could potentially affect our financial results including 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 submissions with the Commission. The company warns readers not to rely too much on forward-looking statements, which only take effect on the date they are made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all the information currently available to us, we cannot guarantee future transactions, results, performance, achievements or results. No guarantee can be made for any investor by anyone that the expectations reflected in our forward-looking statements will be achieved, or that deviations from them will be material and detrimental. The Company disclaims any further obligation to revise forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of events that were anticipated or unexpected.
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KEY WORDS: MASSACHUSETTS GERMANY EUROPE NORTH AMERICA
INDUSTRIAL KEYWORDS: PROFESSIONAL SERVICES HEALTH THERAPY PHYSICAL BIOTECHNOLOGY HEALTH ASSURANCE
Business Wire Copyright 2021.
PUB: 02/16/2021 08:30 AM / DISC: 02/16/2021 08:30
Business Wire Copyright 2021.