Myomo announces common stock offering, no amount given

Myomo (MYO) announced that it intends to offer and sell shares of its common stock in an underwritten public offering. Myomo expects to use the net proceeds of the offering, together with its existing cash and cash equivalents, to accelerate its revenue growth by funding an increase in advertising expenses and headcount to support the expected revenue growth in Myomo’s direct billing channel, along with investments in systems to support growth in the O&P channel and in scaling its operations. In addition, the net proceeds of the offering will be used to fund product development and sustaining engineering activities to enhance the current MyoPro product line and to develop the next generation of Myomo’s products, with the remainder for working capital and general corporate purposes. Craig-Hallum Capital Group is acting as the sole managing underwriter for the offering.