Robotic arm brace maker Myomo looks for $15m in Regulation A+ IPO

Myomo said today it is looking to raise up to $15 million in a Regulation A+ initial public offering and gain listing on the New York Stock Exchange MKT.

The Cambridge, Mass.-based company is taking advantage of new federal securities law under the Jumpstart Our Business Startups Act passed under Obama, which allow small private companies to raise up to $50 million, often referred to as Regulation A+.

“I am thrilled that Myomo is planning to become the first company to ever bring a Regulation A+ offering to the NYSE MKT. It has been 84 years since the Securities Act of 1933 was enacted, but with the Title IV of the Jumpstart Our Business Startups Act, Myomo leads us into exciting new territory where Main Street meets Wall Street,” TriPoint CEO Mark Elenowitz said in a press release.

Myomo develops and produces myoelectric orthotics for patients with neuromuscular disorders, including its flagship MyoPro line. The orthosis devices are non-invasive, powered braces used to support weak or deformed arms and hands to allow for functional activity.

Funds raised in the round are slated to support sales and makerting, product development, debt repayment and for working capital and general corporate purposes.

TriPoint Global Equities is slated to act as leading managing selling agent and bookrunner for the offering. Myomo said it hopes to list on the NYSE MKT under the ticker “MYO” in succession with the IPO.

“We are very excited to share our vision of restoring upper limb mobility to millions of Americans and others worldwide with a broad set of individual investors that now have the opportunity to invest in our Company, alongside accredited investors and institutions, to acquire shares at the initial offering price. While a traditional public offering is generally reserved for large institutions and the Wall Street elite to invest at this stage, we are taking advantage of new SEC regulations to level the playing field for all investors to participate concurrently in our IPO,” Myomo CEO Paul Gudonis said in a prepared statement.

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