Ruling by German Social Court Supports MyoPro Reimbursement by Nation’s Statutory Health Insurance System

Prospective MyoPro patient wins case against DAK, Germany’s third-largest health insurer

BOSTON, December 05, 2022--(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 in an appeal before the Berlin-Brandenburg Regional Social Court (L 9 KR 210/21), the court confirmed that the MyoPro powered whole-arm orthosis is an orthopedic aid that serves to directly compensate for disabilities. As a result of this ruling, the third-largest German health insurance company, DAK, has been ordered to cover the costs for the MyoPro for the plaintiff.

The complaint was filed by a 33-year-old man who applied to the DAK for a myoelectric orthosis following a motor vehicle accident. The MyoPro helps compensate for the limitation and restore the range of motion of patients who suffer a loss of function of the hand and arm after a stroke or neuromuscular damage, as well as spinal cord and nerve injuries.

"With this ruling, a court has confirmed that the MyoPro is a device that can aid patients who suffer from upper extremity impairment and should be covered by statutory health insurance. We expect this ruling will make it easier for patients like the plaintiff to obtain a MyoPro," said John Frijters, Managing Director of Myomo Europe GmbH. "Because of the MyoPro, which detects even weak contractions of the muscle fibers through non-invasive sensors located inside the device, functions such as grasping, holding and opening the hand, as well as bending, lifting and stretching the elbow are made possible."

The patented MyoPro technology was developed by Myomo in collaboration with researchers at the Massachusetts Institute of Technology and Harvard Medical School. The plaintiff in this case, identified as Konrad T., stated, "Since my paralysis, I have been waiting to be able to move and use my hand and arm again." Counsel for the plaintiff, Torsten Bornemann of Goßens Rechtsanwälte, added, "It is our hope that as a result of this ruling, many affected Germans will now have easier access to this orthopedic aid."

For more information, please visit www.myomo.de or www.myomo.com.

About Myomo, Inc.

Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function 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 Boston, Massachusetts, with sales and clinical professionals across the U.S. and Germany, and other 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 the impact of the ruling by the Social Court on reimbursement for the MyoPro in Germany, which is 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.

These factors include, among other things:

  • the direct and indirect impact of the novel coronavirus (COVID-19) on our business and operations, including fabrication and delivery, sales, patient consultations, supply chain, manufacturing, insurance reimbursements and employees;

  • our ability to continue normal operations and patient interactions in order to cast, deliver and fit our custom-fabricated device;

  • our marketing and commercialization efforts;

  • our ability to achieve reimbursement from third-party payers for our products;

  • our dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven;

  • our ability to effectively execute our business plan and scale up our operations;

  • our expectations as to our product development programs, and;

  • general market, economic, environmental and social factors that may affect the evaluation, fitting, delivery and sale of our products to patients.

More information about these and other factors that potentially could affect our financial results is included 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 filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material and adverse. 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/20221205005119/en/

Contacts

For Myomo:
ir@myomo.com

Investor Relations:
Kim Sutton Golodetz
LHA Investor Relations
212-838-3777
kgolodetz@lhai.com