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MyoPro Approved for Reimbursement by German Statutory Health Insurance

Published: 2020-02-03 21:05:00 ET

Approval To Be Determined on Case-by-Case Basis

CAMBRIDGE, Mass.--(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 that Statutory Health Insurance in Germany has approved MyoPro for patients on a case by case basis. A major German health insurer, BARMER, with 9 million covered lives, is covering the cost of the MyoPro provided through certified orthotics and prosthetics clinics in Germany. The first patient covered by BARMER has a paralyzed arm caused by a brachial plexus injury sustained in a skiing accident. Unable to use her hand and arm for almost 20 years, she will now have access to a MyoPro to restore movement and function in her arm and hand.

Myomo Managing Director for Europe, John Frijters, stated, “This policy by the SHI is expected to enable medically qualified candidates to significantly increase their capabilities with our myoelectric orthotics. We are pleased to be able to provide these life-changing devices to patients in Germany.”

About MyomoMyomo, Inc. is a wearable 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 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 Cambridge, Massachusetts, with sales and clinical professionals across the U.S. and representatives internationally. For more information, please visit www.myomo.com.

Forward Looking Statements This press release contains forward-looking statements regarding the Company's future business expectations, including with the German insurance coverage of MyoPro, 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. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, risks related to maintaining coverage with German payers and realizing the intended benefits thereof, regulatory approval and market acceptance of our products, and the other risk factors contained in our filings made with the Securities and Exchange Commission. More information about factors that potentially could affect Myomo's business and financial results is included in Myomo's filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200203005723/en/

Investor Relations: Adam S. HoldsworthPCG Advisory, Inc. 646-862-4607 adamh@pcgadvisory.com

Public Relations: Kate McCannMatter Communicationsmyomo@matternow.com

Source: Myomo, Inc.

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