Myomo said this week it repaid a $750,000 accelerator loan from the Massachusetts Life Sciences Center it received in 2011.
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.
“Our Accelerator Loan Program is designed to support early-stage local companies with a vision. Congratulations to Paul and the team of innovators at Myomo who are empowering individuals to lead a more fulfilling life, despite limited mobility in their hands or arms. We’re thrilled that the MLSC has contributed to the company’s incredible growth,” MLSC prez & CEO Travis McCready said in a press release.
In the repayment, the Cambridge, Mass.-based company said it returned a total of approximately $1.4 million with interest on Dec. 13, 2017.
“The accelerator loan from the MLSC enabled us to enhance our ability to deliver a life-changing device to the patients who need it most. It also helped us achieve certain key milestones which ultimately attracted significant private and public investments in the company. This has allowed us to provide career opportunities to more Massachusetts residents, as well as to support several Massachusetts vendors in marketing, manufacturing and other support services,” Myomo chair & CEO Paul Gudonis said in a prepared statement.
Last November, Myomo priced an upcoming offering, looking to raise approximately $10 million to support its myoelectric braces and orthotics designed for individuals with neuromuscular disorders.